Last edit by: FreakingFlyer
When reporting/posting here please give as many details as you can or you will be asked for it anyways. Copy and paste the text below and alter as needed.
1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y)
2. Length of account before closure and CL?
3. Average monthly account balance checking and savings?
4. Volume of ms per month and how many months?
5. Cycle CL?
6. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and brcl@y)
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y)
2. Length of account before closure and CL?
3. Average monthly account balance checking and savings?
4. Volume of ms per month and how many months?
5. Cycle CL?
6. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and brcl@y)
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
2019 Shutdown Thread
#31
Join Date: Jul 2014
Posts: 369
The answer is, it does not matter an iotta with the "closed by grantor". It only matters in your perception but in reality and all practicality, it does not affect anything - from your fico to your ability to get approval of new cards (when other conditions are met, of course).
#32
Join Date: Jul 2014
Posts: 369
I hears a rumor Paypal is purging old data so they have less at risk in case of a hack. Anyone been able to reopen a Paypal account after a hard shutdown? I have a lifetime ban and have been using an alternate e-mail to make payments. I am scared to give them my SSN on the alternate email so I can receive payments.
#33
Join Date: Nov 2015
Programs: DL, Marriott & IHG Platty; HH Diamonte
Posts: 859
Matter of point, I just closed 5 CC accounts (out of 23) because I wasn't using them anymore and my FICO score went up after that.
What really counts is your credit utilization, not who closed the cards as long as all payments are historically on time.
Last edited by pharmawalk; Feb 10, 2019 at 7:44 am
#34
With all respect, I think the above statement is absolutely incorrect. Cards being closed isn't a negative factor. Cards are closed by one's initiation all the time. Likewise, cards get closed by the issuer for non-use all the time. I have over an 800 FICO score and have plenty of accounts I closed or the issuer closed through inactivity.
Matter of point, I just closed 5 CC accounts (out of 23) because I wasn't using them anymore and my FICO score went up after that.
What really counts is your credit utilization, not who closed the cards as long as all payments are historically on time.
Matter of point, I just closed 5 CC accounts (out of 23) because I wasn't using them anymore and my FICO score went up after that.
What really counts is your credit utilization, not who closed the cards as long as all payments are historically on time.
The other important factors are payment history and number of accounts that have balance. I sometimes have 15 CCs that have balance (reward spending etc). I do see the complaints from CBs.
From my own experience, closing a CC with a low credit line has no or little impact to FICO score. But if I close a CC with $35,000 CL, it should result in a rise in credit utilization and drop your FICO.
What we normally recommend is that, if the CC carries AF and it does not fit your needs, then try to downgrade to no AF CC. If not possible, then just close it. Do not worry about credit score. Your AF cost is more than the few point impact (if any) on your credit. For the CCs without any AF, there is no need to close them. If you do want to close some, then do it slow. It is better to keep total credit line stable and the utilization stable.
#35
Join Date: Jul 2009
Location: SJC
Programs: AA, AS, Marriott
Posts: 6,027
The other important factors are payment history and number of accounts that have balance. I sometimes have 15 CCs that have balance (reward spending etc). I do see the complaints from CBs.
From my own experience, closing a CC with a low credit line has no or little impact to FICO score. But if I close a CC with $35,000 CL, it should result in a rise in credit utilization and drop your FICO.
From my own experience, closing a CC with a low credit line has no or little impact to FICO score. But if I close a CC with $35,000 CL, it should result in a rise in credit utilization and drop your FICO.
#36
Join Date: Jun 2015
Posts: 1,727
I respect your personal experience. I agree that what counts is the credit utilization. When you close 5 accounts, definitely you reduce your total credit and everything being equal, your utilization goes up. So I do not know how you get a FICO score bump with the account closing.
The other important factors are payment history and number of accounts that have balance. I sometimes have 15 CCs that have balance (reward spending etc). I do see the complaints from CBs.
From my own experience, closing a CC with a low credit line has no or little impact to FICO score. But if I close a CC with $35,000 CL, it should result in a rise in credit utilization and drop your FICO.
What we normally recommend is that, if the CC carries AF and it does not fit your needs, then try to downgrade to no AF CC. If not possible, then just close it. Do not worry about credit score. Your AF cost is more than the few point impact (if any) on your credit. For the CCs without any AF, there is no need to close them. If you do want to close some, then do it slow. It is better to keep total credit line stable and the utilization stable.
The other important factors are payment history and number of accounts that have balance. I sometimes have 15 CCs that have balance (reward spending etc). I do see the complaints from CBs.
From my own experience, closing a CC with a low credit line has no or little impact to FICO score. But if I close a CC with $35,000 CL, it should result in a rise in credit utilization and drop your FICO.
What we normally recommend is that, if the CC carries AF and it does not fit your needs, then try to downgrade to no AF CC. If not possible, then just close it. Do not worry about credit score. Your AF cost is more than the few point impact (if any) on your credit. For the CCs without any AF, there is no need to close them. If you do want to close some, then do it slow. It is better to keep total credit line stable and the utilization stable.
#37
I think few here would let 15 accounts carry a balance. Closing an account (either at the consumer's request or by issuer) should have zero net impact if you're not carrying a balance. A closed account will typically remain on one's credit reports for 10 years, so by the time the account falls off of the reports there will usually be minimal impact due to average age of accounts or longest account age.
For the people who are in the CC venture, we carry CCs of various banks, various flavors and various purposes. You want to optimize the rewards; You want to hit reward spending; You want to keep most CC issuing banks happy. So you want to keep the spending high to get most of the CCs you carry. That is the essence of this forum. If you keep a very low utilization (not simple statement balance %, but real utilization), then you do not get much out of the CCs you carry.
Right now, I utilize several CCs each from Chase (freedom), Bof A Cash Rewards, Discover, Citi and several travel reward CCs. Then I have US Bank + paying utility, AmEx Plat for travel, AmEx Gold for dining and grocery, BBP and SimpleCash+ for business spending. Then retail CCs such as Amazon and Uber etc. I'm quite happy to keep like $2,000 balance on each card to manage the total utilization. I could micro manage it and pay off most balance prior to statement dates. But I just set up auto pay and keep things low maintenance. There is already so much movement....
#38
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,731
late payments or write offs are coded by their own codes.
Last edited by Happy; Feb 10, 2019 at 8:25 pm
#39
Join Date: Jul 2009
Location: SJC
Programs: AA, AS, Marriott
Posts: 6,027
I understand it, and my assumption is nobody on here is paying interest. What I was saying is that many will let the all statements all cut with a zero balance except one or two cards with a token balance which is paid in full after the statement cuts.
#40
Do not think so. If you get only $5,000 total balance on your $350,000 credit line, then it looks you get excess CL that you do not need. Lenders like to see you use their cards. When you apply for new cards, it is harder since you get little or no statement utilization.
#41
Join Date: Jul 2014
Posts: 369
With all respect, I think the above statement is absolutely incorrect. Cards being closed isn't a negative factor. Cards are closed by one's initiation all the time. Likewise, cards get closed by the issuer for non-use all the time. I have over an 800 FICO score and have plenty of accounts I closed or the issuer closed through inactivity.<br /><br />Matter of point, I just closed 5 CC accounts (out of 23) because I wasn't using them anymore and my FICO score went up after that.<br /><br />What really counts is your credit utilization, not who closed the cards as long as all payments are historically on time.
#42
Join Date: Jun 2015
Posts: 1,727
doesnt automatically increase ur utilization if utilization=$0 or u trnsfr ute to a different card.
Also, who closed may not be important for next cc but can come into play if need a human review or worse yet auto loan or mortgage. Anything considered derogatory can impact other credit types. Creditors want to know if it was closed in good standing or closed due to delinquency.
Also, who closed may not be important for next cc but can come into play if need a human review or worse yet auto loan or mortgage. Anything considered derogatory can impact other credit types. Creditors want to know if it was closed in good standing or closed due to delinquency.
#43
doesnt automatically increase ur utilization if utilization=$0 or u trnsfr ute to a different card.
Also, who closed may not be important for next cc but can come into play if need a human review or worse yet auto loan or mortgage. Anything considered derogatory can impact other credit types. Creditors want to know if it was closed in good standing or closed due to delinquency.
Also, who closed may not be important for next cc but can come into play if need a human review or worse yet auto loan or mortgage. Anything considered derogatory can impact other credit types. Creditors want to know if it was closed in good standing or closed due to delinquency.
#44
Join Date: May 2016
Location: SFO
Programs: UA 1K, Marriott Titanium, Hyatt Globalist
Posts: 69
Been reading a few blogs saying beware about MS'ing the min spend for Amex intro offers. Anyone have any issue with that? Just got the Every Day Preferred card and only need $1k which isn't too bad.
#45
Join Date: Oct 2013
Posts: 1,322
Datapoint and inquiry: Out of the blue, my Citi Double Cash and TY Preferred cards were closed by the issuer. Have had each for 10+ years. Relatively light MS usage of DC card up until several months ago. FICO score +790. Telephone CSR couldn't provide any additional information (other than saying that it looked "strange"), letter to be received by mail apparently only says to direct written question to "ERU" at Sioux Falls POB.
Any ideas?
Any ideas?