Cap one closed

[wasCB14]

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@longtimelurker wrote:

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It's always been quite common for lenders to close cards for non-usage (sometimes with a warning, "use by XXXX or we will close", but often not).   Some lenders are quicker than others, and certainly Cap One was one of slower ones, two years being common whereas others might close in less than a year (at one point Barclays specifically said it could be closed for 3 months of non-use, but don't think they actually did that).

It's possible that some lenders are now acting more quickly, leading to a possible uptick (but I am not sure there really is one, we have often seen them come in groups like this).

I just put a $1 charge on my 22 year old QS.    See if that helps (they previously cut the CL because I wasn't spending enough, even though it was used)

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I've read about a few cases, not recent, of Barclays closing cards after as little as 6 months of inactivity.

I keep my QS locked between my infrequent Postmates orders. I just wish they offered ebills.

[CardNut]

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@wasCB14 wrote:

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@longtimelurker wrote:

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It's always been quite common for lenders to close cards for non-usage (sometimes with a warning, "use by XXXX or we will close", but often not).   Some lenders are quicker than others, and certainly Cap One was one of slower ones, two years being common whereas others might close in less than a year (at one point Barclays specifically said it could be closed for 3 months of non-use, but don't think they actually did that).

It's possible that some lenders are now acting more quickly, leading to a possible uptick (but I am not sure there really is one, we have often seen them come in groups like this).

I just put a $1 charge on my 22 year old QS.    See if that helps (they previously cut the CL because I wasn't spending enough, even though it was used)

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I've read about a few cases, not recent, of Barclays closing cards after as little as 6 months of inactivity.

I keep my QS locked between my infrequent Postmates orders. I just wish they offered ebills.

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I've figured a few years ago that they might be tightening the "idle" period. One transaction per year I thought was risky and using the card more than once per 6 months was safe. I use all mine every month, except Lowe's.

I've wondered even if a minimum amount per year would be in the making down the road, such as charging a minimum of $100/yr is required to keep the card open.

[longtimelurker]

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@CardNut wrote:

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I've wondered even if a minimum amount per year would be in the making down the road, such as charging a minimum of $100/yr is required to keep the card open.

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That did seem to be the case for a handful of us with high limits on Cap One cards (well, CLD rather than close) but that was maybe 2 years ago, and haven't heard anything similar since.

It would seem to make a lot of sense: if I give you an $X CL, I want some percent of it spend each year, spending $1 every six months shouldn't cut it.     And if you were getting paper statements, and sending in checks, my threshold would be higher.

But issuers don't seem to be doing this, perhaps not worth the expense of coding.

[Benzman]

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@CardNut wrote:

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 I use all mine every month, except Lowe's.

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Won't that cause you getting the dreaded "Carrying a balance on too many bankcards and revolving accounts?" message on a credit report?

[CardNut]

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@longtimelurker wrote:

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@CardNut wrote:

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I've wondered even if a minimum amount per year would be in the making down the road, such as charging a minimum of $100/yr is required to keep the card open.

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That did seem to be the case for a handful of us with high limits on Cap One cards (well, CLD rather than close) but that was maybe 2 years ago, and haven't heard anything similar since.

It would seem to make a lot of sense: if I give you an $X CL, I want some percent of it spend each year, spending $1 every six months shouldn't cut it.     And if you were getting paper statements, and sending in checks, my threshold would be higher.

But issuers don't seem to be doing this, perhaps not worth the expense of coding.

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If they ever wanted to reduce the number of accounts, this would be the way to do it. A pack of gum per year couldn't keep the account open.

[CardNut]

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@Benzman wrote:

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@CardNut wrote:

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 I use all mine every month, except Lowe's.

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Won't that cause you getting the dreaded "Carrying a balance on too many bankcards and revolving accounts?" message on a credit report?

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That's almost always #1 on my credit report that is keeping my score from being higher. It's only a few points, they can keep them. 

[Aim_High]

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@CardNut wrote:

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@Benzman wrote:

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@CardNut wrote:I use all mine every month, except Lowe's.

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Won't that cause you getting the dreaded "Carrying a balance on too many bankcards and revolving accounts?" message on a credit report?

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That's almost always #1 on my credit report that is keeping my score from being higher. It's only a few points, they can keep them. 

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Also, someone could be using all their cards and then paying most of them off before statement cuts to avoid that.  Easy to do in this day and age of instant access to transactions, balances, and ability to make quick online payments.  Many of us on My Fico routinely pay off balances early anyway. 

[kdm31091]

I think the problem is that the "buy a pack of gum a year to keep the card active" thing has become much more common. Even outside of this forum I've seen it recommended on various articles about whether to close unwanted cards etc. Now that the idea of "don't close it, just minimally use it" is becoming common lenders are likely seeing tons of unused credit lines, but not quite as many people closing the account outright. So, maybe the standards will tighten up.

[Appleman]

I just spent some time loading some money into my Amazon account with cards that have been dormant for a while.

[Anonymous]

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@kdm31091 wrote:

I think the problem is that the "buy a pack of gum a year to keep the card active" thing has become much more common. Even outside of this forum I've seen it recommended on various articles about whether to close unwanted cards etc. Now that the idea of "don't close it, just minimally use it" is becoming common lenders are likely seeing tons of unused credit lines, but not quite as many people closing the account outright. So, maybe the standards will tighten up.

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The numbers of people actually doing this is likely still extremely small. Remember, most people don't have even 4 cards, much less the numbers we amass here, and it's much more likely they're actually using all of their cards.