Company not renewing my credit card

Hackneyboy

I received a letter last night from a credit card company to say that as I hadn't used my credit card for two years, they were not renewing it once it expires.

To be honest, that's fine. I've got two other cards with different companies which I occasionally use, so it's probably safer to have fewer.

However, as far as credit ratings are concerned, will I be penalised? Will this company chosing to close my account leave a black mark on my file?

BenL

Does the letter say they are closing the account completely or just not re-issuing a card.

They may leave the account open and you request a card when you might need one.

If you haven't used it i would just make sure it is fully closed off.

I wouldn't think your credit rating would be affected adversely and no black mark.

You will have less available credit which other providers may lok favourably on when you next apply elsewhere.

NickX

Hackneyboy wrote: »

However, as far as credit ratings are concerned, will I be penalised? Will this company chosing to close my account leave a black mark on my file?

No not at all, should have no detrimental effect on your Credit Rating.

lisyloo

Closing card can have a posistive effect on your credit rating and leaves you less exposed to fraud/theft etc.

Hunger4Unger

No it won't but even better get in there first and close your account before they close it.