Q: I have 8 credit cards and have decided to pay them in full to keep them all with zero balances. Want to boost my credit score. I am currently at 652 with TransUnion. I am going with cash only. Do you think, some credit cards can be closed due to inactivity?
A: Depends on a bank a given credit card is from, your overall credit picture and who knows what else. I normally rest my credit cards around 6, may be 7 months. I have not yet had a credit card closed due to inactivity. My wife had Chase cut the credit limit on her business Visa from $18,000 to $6,900 after about a year of total inactivity. Then of course, many other issuers stepped in with their offers, so she is not complaining. I know for a fact that Target Visa gets often closed or credit limit is decreased if kept inactive for 4 to 6 months.
Capital One actually has repeatedly sent us rather nice offers with 0% percent transfer rate for 12 months and only 3% transfer fee, which is more than decent by today transfer offers, with almost everyone else asking at least 4%. Each of us has Capital One credit card that has been inactive for at least 7 months. I started using mine, because I have a feeling that after a few nice offers, the card can be closed or credit limit trimmed severely due to inactivity. I want to keep my $20,000 line of credit in tact, who knows what can happen.
can believe what i am reading, so unfair