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  • FIRST POST
    • Irth
    • By Irth 14th Sep 17, 12:52 AM
    • 6Posts
    • 0Thanks
    Irth
    Virgin Money credit card being closed
    • #1
    • 14th Sep 17, 12:52 AM
    Virgin Money credit card being closed 14th Sep 17 at 12:52 AM
    I have a Virgin Money credit card, that to be totally honest I forgot the account was still open, until looking at my credit file recently. It's been inactive since 2014 (with no balance and no spending on it) and was planning to call them and close the account.
    But by coincidence, I received a letter today from them saying that when the current credit card expires, they will be closing the account. It didn't mention it's due to inactivity but sounded quite sinister saying they have a duty to lend responsibly. And they will inform the credit agencies they are closing the account.
    I can only assume it's because I havnt used the card for so long. I have a very good salary and high limits on other cards and no adverse credit.
    Will this affect my credit file if the card company cancels the card instead of me. I have every intention to call them tomorrow and request to close the account myself.
Page 1
    • PeacefulWaters
    • By PeacefulWaters 14th Sep 17, 1:10 AM
    • 6,841 Posts
    • 8,428 Thanks
    PeacefulWaters
    • #2
    • 14th Sep 17, 1:10 AM
    • #2
    • 14th Sep 17, 1:10 AM
    Nothing derogatory on your credit file from it. Nothing sinister.

    Don't waste your time ringing them. Let them crack on.
    • Irth
    • By Irth 14th Sep 17, 1:25 AM
    • 6 Posts
    • 0 Thanks
    Irth
    • #3
    • 14th Sep 17, 1:25 AM
    • #3
    • 14th Sep 17, 1:25 AM
    That's good to hear. I don't need the card. Just wanted to clarify if it puts a negative on them closing it instead of me. I thought I cancelled it a long time ago but obviously I didn't. I'm not even sure when the card expires
    • Edi81
    • By Edi81 14th Sep 17, 8:03 AM
    • 273 Posts
    • 160 Thanks
    Edi81
    • #4
    • 14th Sep 17, 8:03 AM
    • #4
    • 14th Sep 17, 8:03 AM
    It costs banks to keep these dormant accounts open. They need to hold capital and cash in case you decide to spend your entire limit tomorrow.

    If they add that up over all their dormant accounts it's worth them doing it. It's not a reflection of you but then being sensible both towards customers and looking after their own interests.
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