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DiamondStar
Your credit score will drop because you will have no open major bank card. The closed account will not hurt you in any other way.
This is a good example of why you should have more than 1 major card. IMO, 3 is the minimum.
IMO, it is best to run most all of your expenses through CC to build your credit history. It is safer for you than using a debit card. The banks will make more money and want to keep you as a customer.
I was aware that CapOne acquired my Orchard Bank CC account (just like they took over my ING Savings account - but that's another issue).
But I was unaware that they would actually be closing accounts. It seems to me that a bank would want to retain an existing customer base, even if it means converting them to new cards and sending out "change of terms" notices.
My Orchard CC was (issued about a year ago), with a $300 limit and a present balance of $87 (always paid-in-full and on time).
I know I am not one of their most profitable customers, but I have heard nothing from them. It's such a petty account, so it doesn't really matter if they decide to close it.
My only concern is: How would such a closed account appear on the credit report, and how would it's appearance be interpreted by future creditors?
@SuperStar3000 wrote:I was aware that CapOne acquired my Orchard Bank CC account (just like they took over my ING Savings account - but that's another issue).
But I was unaware that they would actually be closing accounts. It seems to me that a bank would want to retain an existing customer base, even if it means converting them to new cards and sending out "change of terms" notices.
My Orchard CC was (issued about a year ago), with a $300 limit and a present balance of $87 (always paid-in-full and on time).
I know I am not one of their most profitable customers, but I have heard nothing from them. It's such a petty account, so it doesn't really matter if they decide to close it.
My only concern is: How would such a closed account appear on the credit report, and how would it's appearance be interpreted by future creditors?
It would just say closed by grantor. Closing accounts by grantor or creditor is a common thing and is not considered a negative.