Comments on: What Happens When A Credit Card Company Closes Your Account?

By: carmen peralta

carmen peralta — Fri, 20 Nov 2009 23:58:33 +0000

Is it possible that a cc company would close a credit card even if you have great credit and do not use it much? This is ridiculous that a person with good credit and history have their cards taken away. Where is the loyalty to good paying customers such as myself.Will this affect my credit?

By: Joanne

Joanne — Fri, 29 May 2009 17:55:23 +0000

We just received a letter from one of our credit card companies and they have closed our account due to non use in over 24 months. The question is how does the credit card company closing affect our credit score? We did not request this.

By: Teddy Saverz

Teddy Saverz — Tue, 07 Apr 2009 17:38:34 +0000

What can we do if the credit card company just lowered our amount to borrow, from 40,000 to 20,000?
Will that hurt our credit score?

By: Kate

Kate — Thu, 02 Apr 2009 14:34:31 +0000

Thanks for such a wonderfully informative post. I’m on the flip side of this situation– I hardly ever use my credit cards because I want to stay debt free, but I have been hearing a lot of reports recently about credit card companies closing accounts that are inactive for several months. I never realized that not using my credit card and keeping a zero balance could hurt my credit score, but it seems that it might, so should I make small purchases once a month and just pay it off at the end of each month? Also, does it matter if I purchase something as small as a pack of gum or does the credit card company want you to spend a specific dollar amount each month? It looks like that in today’s credit situation, The Power of Small reigns supreme– that it’s the little things we do that really matter. Correct?

By: Tiffini

Tiffini — Thu, 02 Apr 2009 12:55:36 +0000

This is not your everyday question. At least I don’t think it is, because I’ve searched the web and not come up with an answer. I’ve paid off all but $700 of my credit card debt using my tax refund and my company incentive pay. Here are the current credit cards I have left

Card #1 Limit $700, balance $678, Interest rate 30% (not negotiable, trust me I’ve tried)
Card #2 Limit $1000, balance $0, Interest rate 24% on balance transfers, 18% on purchases

Can I pay off (not balance transfer) the $700 with the $1000 card, and just pay on it from there as a purchase? I’m assuming the worst that could happen is that the holder of the $1000 card will consider it a balance transfer and charge me the 24% interest, which is still lower than the 30% I’m paying. Thanks!