Will companies close accounts due to credit report activity?

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nomnomnom
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Will companies close accounts due to credit report activity?

Postby nomnomnom » Fri Jan 18, 2013 10:26 pm

I'm having a heck of a time searching out a direct answer to this, I've tried 3 different forums and a handful of terms but can never really find the answer, so I apologize if this is a redundant question.

I have heard of companies like Barclays closing/suspending accounts without warning due to significant inquiry or utilization changes on your credit reports.

Is this something that AmEx or Discover (or others) will do as well?

I'm not worried about an FR, I didn't lie and can back my income claims.

I am, however, worried about just flat out having a credit line closed on me because my utilization jumped way up (surgery, 0%) or my number of inquiries got oddly high (couple of new lines, new credit union membership, etc.).

Thanks in advance.
[CENTER][font=Arial][size=60]Equifax: 753, Transunion: 742, Experian: 740
Discover It 10,000
USAA Total Rewards Visa 16,000
AmEx HH 16,300 | AmEx BCP 2,000
Chase Freedom Visa 10,000 | Chase Slate Visa 1,500
PenFed Platinum Visa 10,000 | PenFed Line of Credit 3,500
CapOne Platinum Mastercard 5,000 | CapOne Best Buy 4,500 | CapOne Orbitz Visa 1,000
OnPoint Platinum Visa 5,500 | Barclays NFL Visa 2,500 | US Bank Cash 1,500 | KeyBank PLOC 1,500
Amazon Store Card 400
Total Credit Line: $91,200 -- Last Updated: July 28th, 2013[/size][/font][/CENTER]


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djrez4
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Postby djrez4 » Sat Jan 19, 2013 4:20 pm

They can close your account for any reason at any time.

There. Now that you're scared, they won't do it. Barclays takes adverse action if you go app-crazy on them in the first six months. They calm down after that. Others may balance-chase (reduce your limit to just over the balance), but will only do so if they see you to be a risky borrower.

If the scores in your signature are accurate and you keep up with payments, I don't think you have anything to worry about.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

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nomnomnom
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Postby nomnomnom » Sat Jan 19, 2013 4:22 pm

Thanks djrez4! That makes sense. I'm in garden-mode now so I'm just going to lower utilization to sub-7% and keep it low for awhile and hope for the best.
[CENTER][font=Arial][size=60]Equifax: 753, Transunion: 742, Experian: 740

Discover It 10,000

USAA Total Rewards Visa 16,000

AmEx HH 16,300 | AmEx BCP 2,000

Chase Freedom Visa 10,000 | Chase Slate Visa 1,500

PenFed Platinum Visa 10,000 | PenFed Line of Credit 3,500

CapOne Platinum Mastercard 5,000 | CapOne Best Buy 4,500 | CapOne Orbitz Visa 1,000

OnPoint Platinum Visa 5,500 | Barclays NFL Visa 2,500 | US Bank Cash 1,500 | KeyBank PLOC 1,500

Amazon Store Card 400

Total Credit Line: $91,200 -- Last Updated: July 28th, 2013[/size][/font][/CENTER]

paparoach429
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Postby paparoach429 » Sat Jan 19, 2013 9:08 pm

I have a few cards going on 2 years now that I NEVER used and they are still open so that shows something.



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