Today I recieved a notice in the mail regarding a credit card I've held for a few years. The card is a GE Money Bank FUNancing card, accepted at powersports shops nationwide--things like motorcycles and stuff like that. I've used it a few times but never really racked anything up on it. With a limit of $12,500 I've really liked the benefit of available credit that it adds to my ratio. I've been dreading this day.
Anyway, I've recieved this notice:
GE Money Bank is terminating the credit privliges of all GE Money FUNancing Cardholders for business reasons. This decision is not based on your individual credit behavior. Your GE Money FUNancing card account will be closed for new credit transactions beginning on July 31, 2009. So the last day your GE Money FUNancing card can be used is July 31, 2009. If you attempt to use your GE Money FUNancing card on or after August 1, 2009, the transaction will be refused....
So now my question is, should I close this account before they do?
I know this has been hashed over thousands of times--whether or not an account looks better closed by lender or borrower--but I don't think I've ever seen a solid answer.
I already know that it isn't being closed due to anything I did, but should I close it, or does it really not matter at this point?
Why not try calling them and see if they will switch to a different product without you needing to have another credit report pulled (and giving you the same age etc) Do they issue any of the store cards which you would be able to use often? Old Navy, JCP, Wal Mart? I have no idea if they would do it but there doesn't seem any harm in asking (as long as you clarify not to pull your report)
Otherwise, if it were me, I would close it. I know it doesn't make any difference on score but if I had someone manually review my file I would rather they saw that I had closed an account than a creditor had
I called GEMB today and requested a product change but the operator told me they don't offer that as a service. Even if I could have recieved a $1,000 Walmart or Home Depot card (or whatever they carry), I probably would have taken it. No chance, plus they are closing all vehicle financing so the big card went down the tubes without a struggle. Too bad, I felt a little sad to take the card to the chopper but it had to be done.
At least I was able to have the account closed at my request. Whether or not that matters, I'm sure I'll find out some day.
Then I immediately logged into Citi and pushed the little button that said "Request a Limit Increase" (or whatever the wording was) and I was instantly granted a $1,200 increase.
Life isn't all that bad.....!