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 Posted: Sat Apr 28, 2007 12:14 am Subject: I want to raise my Fico score |
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MY question is this: I want to raise my Fico score. My Experian score right now is about 700.
The other thing is that I had a Lowe's Capital One card that I was saving for a rainy day. I looked at my Experian report and it said that the account had been closed for non-use over a 12 month period. The card was actually sold to GE Bank from Capitol One. I spent about 45 minutes on the phone with a representative, them a supervisor stating that I had no idea and was not notified that this account was being closed. They said it was because of non-use in a 12 month period, and maybe where my credit score was at that time. They told me that I would have to go to a Lowe's to open up a new account. I told the supervisor that I did not want to do that because it involved a "hard inquiry" that I did not want to have on my report. He said there was nothing further he can do. I will definitely complain about this action, not only to Experian, but also to the Massachusetts Attorney General. I do not believe that it is ethical or good business to simply close one's credit source without some type of notification to the cardholder before that is done. GE Bank made a unilateral decision without any involvement concerning me. What is the best way to rectify a situation such as this?
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diogenes49
Joined: 28 Apr 2007
Posts: 1
Debtcc Points: 30
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| Posted: Sat Apr 28, 2007 6:25 am Subject: |
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I know we have gotten cards in the past that have said account can be closed if no activity in a certain amount of time, so maybe check to see what your terms and conditions are to see if there is anything like that. Other than applying for a new account, I don't know what else you could do.
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2nband
Moderator
Joined: 30 Jan 2007
Posts: 2135
Debtcc Points: 36296
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| Posted: Sun May 20, 2007 5:48 pm Subject: |
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Closing an account for non-use is common practice. This occurs with credit cards and debit cards (yes, the bank will close your debit card account if you don't use it - sometimes it is a six month period, sometimes a twelve month period). It should be spelled out in the fine print of your disclosure information.
With a FICO score of 700, a hard inquiry to open a new account really isn't going to hurt your score much or for long.
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HeretoHelp
Joined: 21 Jan 2007
Posts: 106
Debtcc Points: 2127
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