Citi credit card closed due to too many inquiries?

[trmiv]

Anyone dealt with this? I just got a letter from Citi card saying one of my inactive accounts was closed due to too many inquiries in the past 6 months. I had this particular card since 1994, but I don't really care about the card itself since I haven't used it in close to a year. Is this normal though? The inquires were likely from a car loan on a new car we got about a month and a half ago, and the refinance we're doing the house right now. I haven't applied for a new credit card in years though. My credit score is over 760, and we're never late on anything. I rarely used this card, and didn't plan on using it in the future, so is this even something I should worry about and fight?

 

[Vdubchaos]

no big deal

You can always call them and ask them not to close it. Use it once a year for something small to keep them from triggering this type of thing.

Credit card companies don't like when people don't use their cards OR pay no interest....they make no money.

 

[highland145]

^^^
And that could just be the excuse they gave. When I pull a report, equifax gives 3 reasons why the score is what it is. Usually valid but sometimes not. We did a heloc some years back and my score was 800+. One of the reasons listed was "excessive credit card debt." I had a $40 balance on my one visa at the time.

 

[cronos]

The 'too many inquiries' is just an excuse they use. Two cards of mine were closed a couple of years ago because I never used them. They didn't even give me a warning or anything, just a letter saying that the account was closed for no activity. It's unlikely that I'll ever need them, but I always thought it's nice to have the accounts open so in case of emergency I could use that much extra credit line, however this is exactly what they don't like so they just closed the accounts for inactivity.

 

[dud]

OP, you're lucky. During my last business trip to SoCal I used my business (Citi) travel card at a gas station in Ontario. Someone swiped (no pun intended) my card info and proceeded to w/d almost $400 using that info. When I called Citi about the fraudulent charges the CS rep insisted that they were "valid" and that I HAD to have been there to make the w/ds. After asking for and getting a rep who wasn't on drugs I cancelled but unfortunately they gave me another.

Having no Citi cards is better than actually having one.

 

[MaxPayne63]

Just call them and tell them they were for mortgage/auto loan. Should be an easy fix if you care enough to get the card re-opened. Personally I don't see the point of keeping cards you have no intention of using.

 

[trmiv]

Yea I don't care about the card, so I won't bother. Could this have an impact on the closing of a refi though? I know they tell you to not apply for any new credit until the refi is closed, but they don't mention one of your credit cards up and dropping your ass.

 

[silverpig]

Yea I don't care about the card, so I won't bother. Could this have an impact on the closing of a refi though? I know they tell you to not apply for any new credit until the refi is closed, but they don't mention one of your credit cards up and dropping your ass.

Possibly, but not likely. Age of credit factors in and this was an account from 1994, so that isn't a good thing to lose, but you have a good score so it shouldn't affect it much

 

[Svnla]

I would call Citi and ask them to open that card again. You sure don't want to lose the "longevity" or age (19 years) of that card in your credit score.

 

[boomhower]

They really closed it for inactivity, they just INQ's as an excuse.

Possibly, but not likely. Age of credit factors in and this was an account from 1994, so that isn't a good thing to lose, but you have a good score so it shouldn't affect it much

I would call Citi and ask them to open that card again. You sure don't want to lose the "longevity" or age (19 years) of that card in your credit score.

The card will still count towards his AAoA (average age of accounts) for ten years. So it will have no immediate impact on his score unless he carries balanced on other cards and then it could impact it by affecting his utility. But if he doesn't carry balances it will have 0 impact on his score immediately but it could in a decade when it falls of his report.

 

[MaxPayne63]

You sure don't want to lose the "longevity" or age (19 years) of that card in your credit score.

Not the OP, but I stopped caring about my credit score once I got in to the 750s. Someday it will be 800+ and I won't care one bit.

oldest account 19 years vs 17 years is never going to make a significant difference. aaoa 10 years vs 9 years years won't either. And neither will take effect for another ten years, as dang ol' Boomhower mentioned.

Nerding out about credit is a good idea if you're just starting/rebuilding or if you're applying for new credit soon but other than that it's a waste of time. Pay your bills on time and don't spend more money than you can raise; the end.

 

[RossMAN]

I would call Citi and ask them to open that card again. You sure don't want to lose the "longevity" or age (19 years) of that card in your credit score.

Agreed.

Citi did this to me a few years ago, unfortunately it was my error. I Googled their executive customer service group in South Dakota I think, they re-opened the account after some begging.