Company closing account

penwise

Got a letter from credit card provider telling me they are closing my account due to lack of use - I haven't used this card in years

I don't mind but am concerned that because they are closing it and not me it could affect my credit rating.

Does anyone know?

Thanks

[Deleted User]

It will go on your credit file. It could have a positive or negative impact when applying for future credit, depending on your circumstances.

Fruit_and_Nut_Case

Could go either way, as zx81 said. More and more providers are closing dormant accounts so you're not alone.

mrpsmith

The fact they are closing it rather than you won't be recorded. It will simply be shown as 'Settled' on your credit file

giblet10

Yep, it'll simply show as settled, in green - all good.

If it's the only piece of credit you have of course, applying for future credit could (stress could) be challenging - although as long as your settled account is still on your file (will stay for six years) that should be viewed positively.

Of course these days few people only have one form of reportable credit.