Same thing just happened to me with Barclays. Are they within their legal rights to do this, and do I have any recourse? I'm thinking of raising hell with them because it is detrimental to my credit rating. The lack of any warning/notice before the closure, combined with the lack of any specific policy ("your account will be closed if you do not use the card in X months"), seems quite troubling. I'm sure they would rely on some general language in their T&C, but that doesn't mean it's legit.
Originally Posted by
xooz
Just happened to me and I just let them cancel the card. Any idea what that does to your credit rating? I assume that my amount of outstanding credit dropped which should be good, but the % of total available credit used would go up, which is bad.
It's a negative in several ways, based on what I know. In addition, it will adversely impact the "average length of accounts" portion of your credit score since you'll have an account that is closed not 1-2 years after opening it.