Would locking an open card with no balance flag it for inactive purging by the issuer? Just wondering if anyone has tried this instead of closing outright and losing aging/utility benefit of said crap card.
Closing a card would be same as canceling that card and it reflects on your report as closed. Normally after a month creditor would stop reporting it to credit bureau.
Locking a card only prevents new charges on swap. Most recurring charges would still go through. However if there is no usage for long period of time, cards can get closed by grantor for no activity.
So in that scenario if the issuer closes it for inactivity it only stays reported for a month if they choose? So only when it is closed by credit user* (zero balance of course) that it continues to report for 10 years as a closed account in good standing?
@Vuby22 wrote:So in that scenario if the issuer closes it for inactivity it only stays reported for a month if they choose? So only when it is closed by credit user* (zero balance of course) that it continues to report for 10 years as a closed account in good standing?
It reports "Active or Current" for about a month.
Closed account on good standing would report for 10 years regardless of who close it.
85% of lenders will give you 6-12 months before cutting you loose, unless you're paying an AF (which in itself, is a transaction and at minimum, a yearly payment.) A hand full will go 2-3 years while even fewer will let your account idle well beyond that. This is regardless of any lock or unlock status of your card.
Locking a card is simply preventing new charges from being made on the account. This option is mostly for in case you misplace your card and want to freeze it while you look around the house and car for it, just in case someone else finds it in a parking lot and decides to take it for a shopping spree.
