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ATTN: CORPORATE FINANCIAL SPAGS

Started by LMNO, September 01, 2009, 05:57:39 PM

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LMNO

If I let my credit card naturally expire, does that count the same as cancelling it on my credit report?

Googling this doesn't help.

Thurnez Isa

doesn't your credit card company just send you a new one when it expires?

mine does
Through me the way to the city of woe, Through me the way to everlasting pain, Through me the way among the lost.
Justice moved my maker on high.
Divine power made me, Wisdom supreme, and Primal love.
Before me nothing was but things eternal, and eternal I endure.
Abandon all hope, you who enter here.

Dante

LMNO

Ah, but when they raised their rates on me, I told them I wanted to let the contract expire.

Sir Squid Diddimus

Quote from: LMNO on September 01, 2009, 05:57:39 PM
If I let my credit card naturally expire, does that count the same as cancelling it on my credit report?

Googling this doesn't help.

Nope.
You have to actually cancel it, or it shows up as an open account.

The Good Reverend Roger

Quote from: LMNO on September 01, 2009, 05:57:39 PM
If I let my credit card naturally expire, does that count the same as cancelling it on my credit report?

Googling this doesn't help.

Call your cc company.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Sir Squid Diddimus

Oh, even then it'll still show up as
"paid as promised m(or in full), account closed"

LMNO

Quote from: The Good Reverend Roger on September 01, 2009, 06:06:49 PM
Call your cc company.

I did, they said it wouldn't, but I don't trust those fuckers.

Quote from: Squid on September 01, 2009, 06:07:55 PM
Oh, even then it'll still show up as
"paid as promised m(or in full), account closed"

Yeah, that's what I figured.

I'll wait a week, then request my credit report to see what they actually did.  I may have to "leave a comment" on that one.

Sir Squid Diddimus

To my knowledge every credit card, loan and or other thing that was either paid in installments or not paid at all shows up on your credit report and stays there.
I think some things disappear after 7 years- like unpaid hospital bills, unpaid cards, things of that nature.
But as long as you have an active account it will show. If it's inactive (closed) it shows up as an account you had, then  paid, then closed. I don't think those go away.
I still have shit from the early 90's that were paid off on my report.

However, anything you have and have paid off doesn't show up negatively. It shows you're able to pay your bills. So unless it's like "Billy Joe's Big House of Titties and Wieners" I don't think you have to worry much.

LMNO

Well, I know that any time you cancel a card, it shows up as a negative to CC companies, in that you're not a "reliable" (read: "sheep-like") customer.  I suppose letting it expire means your contract has come to an end, but I bet that it will still red flag.

AFK

Quote from: Squid on September 01, 2009, 06:27:46 PM
To my knowledge every credit card, loan and or other thing that was either paid in installments or not paid at all shows up on your credit report and stays there.
I think some things disappear after 7 years- like unpaid hospital bills, unpaid cards, things of that nature.
But as long as you have an active account it will show. If it's inactive (closed) it shows up as an account you had, then  paid, then closed. I don't think those go away.
I still have shit from the early 90's that were paid off on my report.

However, anything you have and have paid off doesn't show up negatively. It shows you're able to pay your bills. So unless it's like "Billy Joe's Big House of Titties and Wieners" I don't think you have to worry much.

What's in YOUR wallet?   :lulz:
Cynicism is a blank check for failure.

The Good Reverend Roger

Quote from: Rev. What's-His-Name? on September 01, 2009, 07:32:59 PM
Quote from: Squid on September 01, 2009, 06:27:46 PM
To my knowledge every credit card, loan and or other thing that was either paid in installments or not paid at all shows up on your credit report and stays there.
I think some things disappear after 7 years- like unpaid hospital bills, unpaid cards, things of that nature.
But as long as you have an active account it will show. If it's inactive (closed) it shows up as an account you had, then  paid, then closed. I don't think those go away.
I still have shit from the early 90's that were paid off on my report.

However, anything you have and have paid off doesn't show up negatively. It shows you're able to pay your bills. So unless it's like "Billy Joe's Big House of Titties and Wieners" I don't think you have to worry much.

What's in YOUR wallet?   :lulz:

:spittake:
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Suu

No. You have to close your line of credit. If your card expires, the account is still open.
Sovereign Episkopos-Princess Kaousuu; Esq., Battle Nun, Bene Gesserit.
Our Lady of Perpetual Confusion; 1st Church of Discordia

"Add a dab of lavender to milk, leave town with an orange, and pretend you're laughing at it."

LMNO

Really?  So, you don't have a card, but your account is open... if you requested it, could you get a new card w/o the application process?

Suu

Quote from: LMNO on September 01, 2009, 07:53:27 PM
Really?  So, you don't have a card, but your account is open... if you requested it, could you get a new card w/o the application process?

Yes. As long as your card just expired, it's still open, and you can request a new card if they didn't send you one automatically. If you don't want a new card and your account is in good standing, you can call and close your line of credit.
Sovereign Episkopos-Princess Kaousuu; Esq., Battle Nun, Bene Gesserit.
Our Lady of Perpetual Confusion; 1st Church of Discordia

"Add a dab of lavender to milk, leave town with an orange, and pretend you're laughing at it."

LMNO

As far as credit reports go, would it be a good idea to keep the account open after paying off the balance?