and you want to KEEP them you better start using them for something!
today in the mail i got 2 notices that 2 cc accounts are now closed "due to inactivity".
they both state the reason for closing the account is because of "failure to utilize the account with in the past 12 months". (actually we hadn't used the accounts in over 2 years)
we received NO PRIOR NOTICE that the accounts would be closed or possibly could be closed.
so, if you have cc's that you don't use and want to keep them i'd suggest using them for one samll purchase a month in order to keep them active.
hths :)
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1|1|Using them also helps boost your credit score.|bluh2oeyes|bluh2oeyes@yahoo.com|16:53:20|01/16/2009|
Using them and paying the balance in full and on time also helps boost your credit score. Even if you just use them to buy something small. One grocery purchase or one tank of gas is all that is needed. Keep it active by doing that at least once per quarter. Better yet once a month.
Jennifer in North Carolina...the Tar Heel State
2|1|Yeah, but closing accounts you don't use also helps your score b/c there's less chance you'll charge them up. I closed several accounts prior to our move to VA b/c we knew we'd be buying a house (hoping it would be right away...) |Sara_s_Mom|IClipCoupons@gmail.com|17:06:34|01/16/2009|
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3|1|Closing doesn't always help your credit|dragonmom|sueedelmann@yahoo.com|19:31:02|01/16/2009|
Posted on Jan-16-09 at 07:31 PM (Eastern) by 67.149.154.95
We consolidated some cards into a loan and was going to close the credit card accounts and the finance guy said NO, leave them on your credit report if you've had the card for a long time, it shows you've been responsible and actually boosts your credit score.
Instead of closing them, he said ask them to reduce the credit limit maybe, then you don't show too much available credit, but has the account in good standing on your record.
I had two accounts closed recently due to non-activity too. The one said they'd contacted me six months ago that if I didn't use it, it would be automatically closed. Guess I didn't open and read, figured it was more of those credit card checks so I just shredded it. Better start opening those things and reading them!
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Thanks, Sue Edelmann