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After July 2010, I plan to relocate for school and won't be using no more than one card. Do I risk my cards being closed without using them for a year and a half?
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DI wrote:
After July 2010, I plan to relocate for school and won't be using no more than one card. Do I risk my cards being closed without using them for a year and a half?
AMEX Blue Cash
Bank of America World Points
Capital One Platinum Rewards
Citi Platinum Select
Discover More Cashback
GM HSBC
Kroger 123 Rewards
PenFed Cah Rewards
Sears Store Card
State Farm Cash Rewards
Target Visa
A year and a half of zero use, and I'd say that even the most secure, patient, and flexible lender would close the account. You might want to spread your usage around, and set up some recurring bills that you PIF on those cards. Even if you have to rotate it a bit.
Yes, you would lose many of your accounts.
The best way to avoid this is to choose a small recurring bill for each major. Then set that major up on auto pay draft to PIF each statement. Then you don't have to worry about use.
@creditwherecreditisdue wrote:
Be particularly mindful of HSBC. They are famous for closing disused cards without notice after three months. There is rarely any recourse when a card closed for disuse other than to reapply and open a new account. When it comes to revolving credit either use it or lose it!
I won't care if HSBC decides to close my account. Situations like that is why I have many cards. It lightens the burden to have to play by one particular banks' rules. If one bank decides to close my account, I can just turn to the next.
@Anonymous wrote:
So do you think an 80$ bill taken off 10k Citi line and PIF every month will keep the account "active enough" in order to keep the line from being cut?
Yes. I charge $5/month to a Citi card with a $16K CL. No problem.