citi closed my account for inactivity

[SavingNJ]

Hi,

I just received a letter from Citi closing one of my cards for inactivity.
It was one of my earliest card, established since 1985. I do not need the card as I have a number of cards, however, I have heard that it is not good for my record to have an account closed by the credit card company.
What is the best way for me to handle it? I called and requested the card be re-opened but was turned down. I think one of the reasons was that they converted the card to thank you card, and then I have another thank you card.

[disneysteve]

Originally Posted by SavingNJ

I called and requested the card be re-opened but was turned down. I think one of the reasons was that they converted the card to thank you card, and then I have another thank you card.

If they converted it to a card you already have, perhaps they can merge the histories so that you don't lose the 26-year history. Ask them to make the current card reflect that you've had it since 1985. Maybe they could do that for you.

[MonkeyMama]

If you have good credit, I wouldn't worry about it. The oldest card I have is about 2-3 years. I do not keep my old cards open. Good credit stays on your report for 10 years once you close a credit line. I find when I close an old card, my score might drop for one month - a whopping 10 points or so - sometimes it goes higher. I think FICO is more complex than anyone understands. For reference, my FICO has always been around 800+. Since I've been wise enough to check it. I've got a mortgage (recently refied - so not very old) and a couple of credit cards on my report - balance paid monthly - that's it.

If you have bad credit or are trying to raise a lower score, then maybe it's worth looking into. Otherwise, I wouldn't waste a second worrying about it.

[SavingNJ]

I am planning to buy a 2nd house in the summer, I also hated the fact that THEY close the account..
btw, I am supposed to have a second "thank you" card, but I haven't received it yet, hence I am not sure whether I can combine them..

[GREENBACK]

They closed mine a couple of years ago and it had little affect on my credit that I ever saw. Now they send me letters stating that they want me back. Who broke off from whom

[couchrobt]

It seems that they close due to inactivity not really because of you not wanting them (or so they think?) Anyhow, if you should get an offer, you can accept again.

[Hector]

I dont think there is anything you can do about it now. In future, make sure that you are using your oldest card/s once in a while to keep them active so that they wont be closed.