Account Closing

[Howaboutthat]

I have a Williams & Sonoma card I haven't used in 3 years, so Cap 1 says if I don't use it soon they'll close the account.

My question is, is it better to close the account myself or do nothing and let Cap 1 close it. It's only $1000 limit so not a big hit. 

[GZG]

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@Howaboutthat wrote:

I have a Williams & Sonoma card I haven't used in 3 years, so Cap 1 says if I don't use it soon they'll close the account.

My question is, is it better to close the account myself or do nothing and let Cap 1 close it. It's only $1000 limit so not a big hit. 

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I prefer the language when you close it yourself as opposed to when they close it

neither way makes a difference from a FICO scoring perspective, but it just looks better to say 'closed by consumer' and not 'closed by credit grantor' 

[FicoMike0]

Maybe buy lunch with it?

[Snook_on_the_Line]

I agree with GZG.   

if your not going to spend on it to keep it open it looks better during a manual review of your reports for potential lenders to see closed, paid, account closed at consumer request, 

rather than closed, paid, account closed by creditor 

at least cap1 gave you a heads up that it would be closed for non use soon

many lenders just close dormant accounts without any warning at all

[SouthJamaica]

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@Howaboutthat wrote:

I have a Williams & Sonoma card I haven't used in 3 years, so Cap 1 says if I don't use it soon they'll close the account.

My question is, is it better to close the account myself or do nothing and let Cap 1 close it. It's only $1000 limit so not a big hit. 

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From a scoring perspective, it doesn't matter.

Cosmetically some folks think it looks better to say that it was closed by you rather than by the lender.