@NonSufficientFunds wrote:It looks like the website for Applied Bank is no longer offering Credit Cards. There are links for customers to pay their existing credit card bills, but nothing (that I can find) related to an application for a new card.
I have two old 'secured' rebuilding cards, which I no longer use or need, but have kept, just to help with the AAoA. Now that I have the AmEx (which is backdated to 1983), it might not hurt too bad to just let go of Applied Bank.
If they are indeed discontinuing their credit card accounts - would I be well advised to close my accounts before they do, so it would look better on the credit report, as opposed to the line "closed by grantor" - or would it make any difference ??
In this case none I think for three reasons:
1) Their current credit card portfolio has value, they'll either keep it or shop it to someone else most likely.
2) If a given, recognized bank, shutters their credit card products, everyone that matters (underwriters) in the industry will know that.
3) If they do shut things down, you'll probably get advance notice as well; simply turning everything off at once with no notice is a customer service no-no and they'll take steps to avoid doing that. We've anecdotally seen people here shun banks based on some incidence of AA, I don't think any financial institution would do risk that across their entire customer base.
Personally I'd just keep them for the same reasons you have in the past, while I try to avoid the "closed by grantor" label, the odds of it coming up in a manual review are extremely small, and it's utterly irrelevant in the FICO algorithm. To be fair, if you close your accounts your AAoA won't be affected for the next 10 years, but I don't see any reason to start that clock running sooner than actually required.
@staifokuzed wrote:
I Can still log into my account. But as u stated nonew products offered. I was thinking of closing at AF time. Maybe now I will wait it out
I would definitely axe it before the AF comes.
