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.
doesn't your credit card company just send you a new one when it expires?
mine does
Ah, but when they raised their rates on me, I told them I wanted to let the contract expire.
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.
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.
Oh, even then it'll still show up as
"paid as promised m(or in full), account closed"
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.
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.
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.
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:
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:
No. You have to close your line of credit. If your card expires, the account is still open.
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?
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.
As far as credit reports go, would it be a good idea to keep the account open after paying off the balance?
Quote from: LMNO on September 01, 2009, 07:56:26 PM
As far as credit reports go, would it be a good idea to keep the account open after paying off the balance?
Yes and no. If you don't want to use the card, just get rid of it.
Well, that's already been done.
So, it seems my best plan is to pay off the balance as always, and when it is paid off, not cancel the account.
Quote from: LMNO on September 01, 2009, 08:06:16 PM
Well, that's already been done.
So, it seems my best plan is to pay off the balance as always, and when it is paid off, not cancel the account.
Monitor it. It may accumulate "fees".
Yeah. Fuckers.
Quote from: LMNO on September 01, 2009, 08:06:16 PM
Well, that's already been done.
So, it seems my best plan is to pay off the balance as always, and when it is paid off, not cancel the account.
Watch out, the bank might cancel the account unexpectedly if you're not using it, so you might want to have them send you a new card. Then charge something small every couple of months so they don't close it on you-that way your credit score won't drop when your potential for debt goes down (financial types, please correct this statement if it's inaccurate). Someone at my work took a hit to his credit score because he had several unused credit cards that were suddenly canceled on him.
Oh, FUCK THAT.
Those fuckers are worse than the Cosa Nostra.
Call and close the account.
It won't report negatively if you close it. Make sure you say close and not cancel.
Don't ignore it. It won't go away and they may start charging "monthly maintenance fees"
Cool. Good call.
I'll make sure those fucker record it. Or is a notarized letter a better idea?
Quote from: LMNO on September 01, 2009, 07:56:26 PM
As far as credit reports go, would it be a good idea to keep the account open after paying off the balance?
Having too many open accounts lowers your credit rating, but if you only have a few and it's paid off and there's no fees associated with the account, there is no harm in leaving it open.
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.
No.