Comments on: Why Are My Credit Cards Being Canceled?

By: Jane

Jane — Mon, 26 Jan 2009 11:53:19 +0000

I actually had this done to me a 1 and 1/2 years ago. My limit went from $6000 to $500 so I ended up canceling it and getting a new one. Lucky for me the card wasn’t “that” old, maybe 4 years, and I had gotten it as a specific store card for several large purchases at the time and they “upgraded” me from their store card to the rewards Visa. I only kept it in case I lost and or my wallet got stolen and had to go on a business trip right away. (It happened once my wallet was stolen on Sunday, I went out of town for the week Monday morning.) I ended up replacing it with an Amex from my bank, (already had a M/C from there) that now has my monthly credit monitoring service billed to it so there is a once a month charge for a whole $5.50 on it.

By: Craig

Craig — Wed, 07 Jan 2009 19:51:04 +0000

I read the same thing earlier this week. People have had old cards canceled so the card companies can save money. The ironic thing is people would hold onto old cards and not charge anything as a way to establish and work on getting better credit, no canceling the cards may end up hurting them.

By: TightFistedMiser

TightFistedMiser — Wed, 07 Jan 2009 17:31:00 +0000

WaMu already canceled my card. I knew that was a possibility but since it was my newest card and I didn’t see myself ever using it on a regular basis again I decided to just let them cancel it rather than charge something small to keep it open. I’m not worried about the ding on my credit score.

By: fitwallet

fitwallet — Wed, 07 Jan 2009 17:20:30 +0000

I learned this the hard way when my credit line on an old account got slashed in half a few weeks ago. Yikes. Luckily, it was my smallest credit line, but my credit score still took a ding. When I pay off my remaining two cards (almost there!), I’m going to use this approach for sure.