This is topic Credit Card ? in forum General Talk at Northern California Ford Owners  .


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Posted by MikeD. (Member # 8060) on :
 
I have a credit card for Big-O tires through Citi Bank. They gave me a 1800 limit, I put 750 on it. I was making payments on time, and 3x the minimum. I got a letter in the mail saying that Citi Bank doesn't offer that card anymore for them and my account would be closed. At that time I still owed about 300. Next month im paying it off.

My question is, does them closing the account, negativly effect my credit, even though the closure was through no fault of my own?
 
Posted by phonso302 (Member # 9260) on :
 
Depends you might get a new credit card from who ever takes over.I had a credit card thru wamu and when chase took over I got the same letter,a week later I got a chase crdit card without applying,same credit limit/apr.

And yes it will effect your credit score,a closed account is a closed account

[ January 15, 2012, 08:36 AM: Message edited by: phonso302 ]
 
Posted by MikeD. (Member # 8060) on :
 
Fail.
 
Posted by General Butt Naked (Member # 4831) on :
 
It may look like you don't have access to the card on your credit report and read as "closed by lender" .

Since you were in good standing and the account was not closed by your actions I don't think it will negatively impact you. Worst case may be that your score stays the same and then you obviously can use the card to build more credit history.

[ January 15, 2012, 09:08 AM: Message edited by: General Butt Naked ]
 
Posted by Cobra 93-4992 (Member # 4992) on :
 
It will affect your score because instead of it being an active credit account, adding points to your score. It will be a closed credit account, no longer contributing to your score.

If you go and open up a new credit card, the new card will go against your score for the first 12 months, because its a "NEW" account.
 
Posted by Secnd2nun64 (Member # 1431) on :
 
Go get a chase freedom card. It's 5% cash back on gas right now. As long as you pay it off each month, its like them paying you to use the card. I got around $400 in rewards last year. Free money= free car parts! [Big Grin]
 
Posted by MikeD. (Member # 8060) on :
 
I definitely don't need anymore cards thats for sure.
 




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