Effect of Advanta Closing All Business Accounts?

[stan427]

Advanta announced that it will be closing all of its small business credit card accounts as of May 31.

In light of that:

1) How is Advanta likely to report the closing of my small business account on my credit report? (I'm putting off contacting them for now because I've had terrible experiences with their customer service in the past.)

2) Will it negatively affect my credit score?

3) If it is negative, is there anything I can do such as ask Advanta to report it as "closed at my request"?

Thank you.

[MrCreditCard]

Yes - your scores will probably go down. But how much depends on how much credit lines you have with them relative to your other credit lines. If this is a large chunk of your unsecured lines (and you have little secured line), then I suspect you will face a little hit.

If you have many other credit cards and advanta is just a small part, then don't sweat it. It may turn out to be just a few points.

Re: reporting as closed per your request - dunno, ask them and tell us about your outcome.