Bank to cancel card for lack of usage - is it better to cancel on my own for credit reporting?

[coldfusion]

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@olivia3636 wrote:

Thanks all for the quick responses.  Unfortunately they will not allow me to keep it open (I already asked). Although they are not going to close it until February, I cannot use it either.

Does this change any of the advice, knowing that there is not an option for me to keep it open?

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Insofar as having the account labeled as being "closed by creditor", nobody else that would even remotely matter cares one whit.

Don't lay awake at night thinking about this. 

[Physh1]

Cap 1 combines accounts/limits...see if they are willing to move the $6500 over to the other card.

[Slabenstein]

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@Physh1 wrote:

Cap 1 combines accounts/limits...see if they are willing to move the $6500 over to the other card.

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They stopped doing this a while ago, unfortunately.

[zerofire]

Considering who the lender is, how rigid they are, and your existing mix of credit lines I can safely recommend that you shred the card and go do something else. The remarks have no meaning on a credit report and watching TV or mowing the lawn is more productive. In fact I would be thankful they are willing to do all of the paperwork for me without asking.

[ChargedUp]

You have other great accounts and CL's without Cap One. Tell them to close it if you want it to reflect that you closed in on your reports, but in the end no one is going to care one way or another if they look at your credit file as long as it was always paid on time and closed with a zero balance.

[Dcyphrz]

A few months ago CapOne lowered one of my limits so I cancelled the card.  Was a fairly young account so my scores didn't change.  Based on what a realtor friend told me, adding trade lines during the mortgage process is very disruptive.  Closing one that's in good standing doesn't seem that risky to me.  Just my opinion. 

[Anonymous]

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@Dcyphrz wrote:

A few months ago CapOne lowered one of my limits so I cancelled the card.  Was a fairly young account so my scores didn't change. 

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Whether it was young or if it was very old doesn't matter and wouldn't impact your scores any differently.  Open accounts and closed accounts are factored into age of accounts the same way. 

[FalconSteve]

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@Anonymous wrote:

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Whether it was young or if it was very old doesn't matter and wouldn't impact your scores any differently.  Open accounts and closed accounts are factored into age of accounts the same way. 

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This varies by scoring method

[Anonymous]

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@JNA1 wrote:

Most people say there's really no difference in scoring as long as the account was in good standing, but if I were in that situation, I'd either close it myself or make a charge on it to keep it active. That's just me. 
"Closed by creditor" means they were satisfied with you in one way or another, no matter what it means in scoring.  I'd prefer not to have that associated with my profile. 

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OK, but now think of it from the other side.   You are applying for a credit card/loan with a new issuer.   They look at your CR, and find that you have been closing accounts (for the famous MyFico "NO REASON!!!")   Do I want to bother to give you my product when you might decide to close it on some whim?

[Shooting-For-800]

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@Slabenstein wrote:

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@Physh1 wrote:

Cap 1 combines accounts/limits...see if they are willing to move the $6500 over to the other card.

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They stopped doing this a while ago, unfortunately.

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Someone stated on this board recently that it is back ...