Are Egg still closing accounts?

ferry

I'm wondering if I should close my Egg account(before its closed for me!) as its already been filtered down to a balance that gets entirely cleared each month.
I've read previous posts about Egg closing accounts that are non profitable.

At the time when Egg had the mass cull on all those accounts that fell into that category I had quite a high balance and only paid off a set amount each month,leaving a balance...

Are Egg still closing accounts deemed non profitable and am I likely to now become a victim now that I pay it all off each month..??

Ferry

Staciep88

I don't have an Egg acount but I have read many reviews and my advice would be to get a balance transfer on another card. this way you will feel more comfortable. Hopefully some1 with an egg card will be along soon with some words of wisdom

hur575

Egg card is nightmare NEVER AGAIN I have been paying them for 3years without missing a payment and as soon as I had problem with my bank and payment didn’t go through to them for 1 month, they closed my account and threaten to take me to debt collection agency. They said they have put default into my credit file but there is nothing in my file, I have now paid the full amount and hope they don’t mark it after.

benf90

ferry wrote: »

I'm wondering if I should close my Egg account(before its closed for me!) as its already been filtered down to a balance that gets entirely cleared each month.
I've read previous posts about Egg closing accounts that are non profitable.

At the time when Egg had the mass cull on all those accounts that fell into that category I had quite a high balance and only paid off a set amount each month,leaving a balance...

Are Egg still closing accounts deemed non profitable and am I likely to now become a victim now that I pay it all off each month..??

Ferry

Why would you close the account just because there's a chance Egg may do it?

Whether the account is closed by you or Egg it wouldn't matter. It still shows on the credit report exactly the same, 'settled'.

According to the statements at the time the accounts were closed they stated it was a 'one off' review done because of the take over by Citi, and that they didn't plan to do it again.

Remember it was only 7% of the customer base that had their cards closed. That means 93% weren't affected... there's going to be a hell of a lot of those who pay the balance off in full each month, and I am one of them!

I would say that there was a small but vocal number of people that cleared the balance off in full which had their accounts closed. I say small because whenever their were interviews on the news it was always the same people being quoted no matter which news agency it was. There's also not going to be many people who will admit that they're a bad credit risk.

Egg stated the accounts were closed because of an increased credit risk. If you look at some posts on this board recently you will see that they were probably telling the truth in some instances. It's not only the payment history that is part of credit scoring etc.

If you're clearing the balance in full each month and everything else stays the same then your credit rating with them will probably be increasing, not getting worse. So personally I say you have nothing to worry about if your account is well run.

One more thing though. If it's the normal Egg visa card which you have... now that you're clearing the balance in full each month why not look at getting a cash back card?