thehill.com
I had that recently too....outta nowhere. 5 accounts shutdown. Only 2 had balances...not big. Good FICO.
good book......
Is that a ding on your credit? They closed my sears master card. Never used it in last 8 years. They will probably close my Khols card. Only open that cuz wife got a lot of shit cheap on a first purchase. That store is too expensive anyway
B of A blows. We have our business account there. They closed the Kingman branch. Their lines sucked when they were open. Now at the mercy of an ATM that may not work. Or spits out checks for deposit. I am switching but had to wait for my bank to change ownership. These bank all get bought up every other year. My personal account was Compass. Now PNC.
Anytime you close accounts and lower your credit limit, it can ding your FICO. I've always heard rule of thumb is to never close cards. I'm gonna play ball and use the card / pay it off just to keep it active and open.
I guess it’s semantics. I know if you close a card that’s not good. But if they close it for inactivity is it different? My score is high 700’s so I am not too worried. All I need is my Amazon and home depot and Lowes card. Sears, Kmart and my JC Penney cards I shredded them. And my Dillards Amex got the shredder too.
I'm a believer that none of us know for sure what's coming down the pipe. Even those tied in with banking and such, are really only guessing. They have reasons for their beliefs, I have reason for mine.
Basically only used home depot for a bigger purchase. Like I did blown insulation. $800. No interest for 18 months.Might as well use their money. Did the same with a new dryer 3 years ago. The insulation is the only balance. I basically use only 1 credit card. For hotels and the like the Costco one for points. Everything else is debit card. pay cash and be done with it.
Yuuuupp, it does. Granted I am only going by Credit Karma.....but after they closed my 5 accounts, my score dropped liked 60 or 70 points!!! I was fucking pissed. I just spent the last couple years dialing that shit in. It almost happened right before I did a refi.....Im sure that would have had an impact. Never had a late payment in any of the accounts....had used all of them for decent purchases and paid off. Some a couple of times. Never received one notice for inactivity. Just one day bam....closed. Weird though, they still show active kinda and my credit limits.
Yup...thats how I used mine too... always paid mine off by the promo for same as cash.
Target had a bad one too.
yes. You can get nuts with them. My Lowes card I never use. shouldn’t have even opened it. My only retail cards in use is HD and Amazon which maybe I use 40 bucks a month if that. The Costco one is for incidentals like I stated before for the Points.
Huh that's interesting. Since it's a flip it's a business transaction I guess even if your business has little or nothing to do with boating like mine? Gonna ask my CPA something along these lines now that you got me thinking lol
Anytime you use your credit, you reduce your amount of available credit. They don't like to see greater than 20% usage, anything above that begins to ding your FICO. So, keeping more available credit helps as a "buffer" if you use your cards at all. I believe having open cards that report "positive" history every month (no lates....) adds to your credit history and ultimately boosts your FICO as well. You can take your cards out of the wallet, but don't close them....
How long have your credit cards been "threatening" to close, and when did it start? This is interesting stuff to hear others reporting.
Yes it is...a different set of young dumbasses(like I was) are going to get kicked in the balls. Some my age are going to do it again. My ass is watching from the stands. Some people will lose, others will make out pretty well. I'll just be happy to be stable this time.
The last time I lost my job right after a 10k dollar check cleared for a part time paramedic school, since I already paid and now had time for my studies I chose not to get a job, several months later everything tanked and I was standing there with nothing. This time I have a solid government job and will most likely have my promotion in the next month.
Oddly, last time I lost a good government job...6 years into it. That and contracting. All my wheels fell off in about a 6 month span. About 6 months after losing the "steady" job, they called me back. Budget was fixed and wanted to offer me my job back. I politely declined, I had moved out here already.
