Inactivity Can Cost You Your Card

Here is a new trend amongst credit card companies, cardholders that do not use their credit cards over the past 12 months are in danger of either having their credit limit reduced or losing their credit card altogether. Either scenario may result in the lowering of your credit score.

And yes, you guessed it, it is a direct consequence of our current credit crisis. Boy I sure am tired of hearing about, reading about and writing about our current credit crisis – enough already! But alas, I’ll just have to grit my teeth and ride it out like everyone else.

You may not even care if the bank or financial institution closes your credit card account. Maybe you don’t even want or need the card anymore. If that is the case then stop reading  this and have a great day. But if this has a negative impact on you we have some advice.

It seems as though many card issuers are doing this without notifying their customers. If that is the case then contact the credit card company and request a disclosure statement. If there is no mention of the possibility that this may occur in your disclosure agreement then call and complain (respectfully).

You can always negotiate with your credit card company. We give you some helpful tips on how to that effectively right here on our site. You can find that information by clicking this link: Tips For Negotiating Credit Card Terms.

The best case scenario is that they work with you to a satisfactory conclusion, short of that, pay the card off if you carry a balance and do without. But remember, getting approval for credit cards right now requires an excellent credit history, and sometimes that’s not enough.

Related Information:

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