J_Snow Posted December 28, 2008 Report Share Posted December 28, 2008 So I got a letter from Chase on Friday telling me that one of my card accounts had not been used for 24 months or more, so it they closed the account. The end. *(&@ers!Now-this account is almost 15 years old and has never been late so it really is a good account to have. Since this will have a negative impact on my scores I wrote a letter to Chase asking that they reopen the account. I'll let you know what happens. Link to comment Share on other sites More sharing options...
matthewscott Posted December 28, 2008 Report Share Posted December 28, 2008 I'm afraid that all credit card issuers are cracking down on accounts that are not being used. Many are getting closed for lack of use for as short as a year. For your sake, I hope they choose to reopen it. Losing an account that old will not be good. Link to comment Share on other sites More sharing options...
nascar Posted December 28, 2008 Report Share Posted December 28, 2008 Every dollar of credit extended, whether actually utilized or not, is a liability on the books. Unused credit, if I'm not mistaken, is a contingent liability which ties up capital that might otherwise be used for profitable purposes.That being said, I can't really blame creditors for closing under-utilized accounts. Link to comment Share on other sites More sharing options...
Chester P. Dexter Posted December 28, 2008 Report Share Posted December 28, 2008 You said it better than I could have, Nascar. That is exactly the issue. They don't want big fat lines of unused credit out there because it makes their books look bad. But you explained it succinctly.I advise everyone to use all of their cards every three months. I just broke out some cards that had only "finance charge, payment" over and over for the last six months. I used them for small purchases. I'm keeping a revolving list of cards I should dust off and use now and then because I don't want credit limits lowered or cards closed. Link to comment Share on other sites More sharing options...
J_Snow Posted December 29, 2008 Author Report Share Posted December 29, 2008 As I pointed out in my letter to them-they are within their rights to close any account for any reason. I also have another account with them that I regularly use that has a 40K credit line. What I don't appreciate is the lack of notice that they were going to close the account. I would have started using it if that was the case. This is a customer service issue as far as I'm concerned. That is what my letter addressed in my attempt to get them to reopen the account. Link to comment Share on other sites More sharing options...
matthewscott Posted December 29, 2008 Report Share Posted December 29, 2008 J, hopefully they will reopen the account for you. Let us know what happens. Link to comment Share on other sites More sharing options...
BarneyFico Posted December 29, 2008 Report Share Posted December 29, 2008 Yeah I'm rotating about 6 cards now...keeping them all solid. Its easy to do with internet payment methods. Hard to believe I used to pay via mail service....seems so long ago. Link to comment Share on other sites More sharing options...
Aerovette Posted December 30, 2008 Report Share Posted December 30, 2008 I had a card closed for that reason as well. It looks bad on my report because it says THEY closed it not me. I want to re-open just so I can be the one to close it. Actually, I never activated the card so I am not happy that it even shows up. Link to comment Share on other sites More sharing options...
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