Why do you need my SSN???

[Mojoe]

Mojoe,

 

In the case above, wouldn't the amount of credit available to you possibly hurt your rating?

 

Everything else you've said in this thread is in line with what I have been told. But I'm not sure how much available credit can effect your score. I used to put everything on my Amazon card, but stopped buying as many books after college. So I switched to Capital One but didn't cancel my Amazon card. It's going to expire at the end of the year so I wasn't going to bother cancelling it. Is there a difference between cancelling and not renewing?

 

I get at least one credit card offer in the mail everyday and send them straight to the shredder.

 

 

Lots of good stuff here that people run into everyday.

 

1)"In the case above, wouldn't the amount of credit available to you possibly hurt your rating?"

 

I have never seen or heard of it ACTUALLY hurting you. I have heard the rumor as well. But, I've never seen it hurt anyone. I worked with a family a few years back that had an $88K house and 40+ credit cards, totaling over $150k in revolving dept. They never missed a payment. None of the cards were with in 25% of the limit. And there credit score was over 720. They were fucked, but the had great credit. That is very extream. But, I see people with 10 or more accounts open all the time. Not one lender has made it a condition or turned the loan down because of that. It's in my opinion from experience and classes I have taken; that with a mortgage and with credit card companies, if you are in good standing, you should not be affected by the number of accounts you have open. Other types of lending may be different.

 

2) "So I switched to Capital One but didn't cancel my Amazon card. It's going to expire at the end of the year so I wasn't going to bother canceling it. Is there a difference between canceling and not renewing?"

 

Nothing wrong with going to Cap one. The Amazon card its self will expire, not the account. They should send you a new card is all. I'm not familiar with that card, so there may be something more to that. That would me the card renews on its own, like most do. However, if you wanted to cancel it, you would need to contact them and tell them to close the account. At which time you would pay any balance.

[Smokey]

"So I switched to Capital One but didn't cancel my Amazon card. It's going to expire at the end of the year so I wasn't going to bother canceling it. Is there a difference between canceling and not renewing?"

 

 

This is a prime example of what I was discussing. Unfortunately there's no way to tell if the CC company will send you a new renewed card, or if they'll close the account. That's probably up to their policies and your activity on the card. But this is a situation where they may close the account for you, and even though you did nothing wrong, it could appear as "not so good" on your credit - i.e. "Account closed by credit grantor"

 

My advise is that if you don't intend on using the card again, close it. If you do, call to make sure they send you another card instead of closing the account. This is probably a situation of better safe than sorry.

[Mojoe]

"Account closed by credit granter"

 

If this showed up on my credit for that situation, I would be in someones ass. If it simply showed as "closed", then fine. I would keep a close eye on this.

[Amy]

If you have proof that a account has been completely up to date, and never closed by the individual.. but the report on the credit said "closed by credit granter".. is there any legal issues you can have? Or procedures you take?

[Mojoe]

I don't know. I would just yell at them over the phone and call them a cunt.

[Amy]

I don't know. I would just yell at them over the phone and call them a cunt.

 

Dont say that word!!!

[Smokey]

I don't know. I would just yell at them over the phone and call them a cunt.

 

 

quoted for absolute hilarity.

 

In the circumstance that your account is closed by the CC company due to inactivity you can file a petition with the credit bureaus to have it changed to "Account closed by consumer", but I don't know how much time/effort it takes. Dealing with the bureaus can be a major pain in the ass.

[Mojoe]

Not that bad. They have 30 days to respond to all written notice as I understand it. Just keep track of when and what you send.

[Kevin R.]

Looks like no more free Quizno's for me!