CIBC closed my M/C Account?

[BMDUBS]

I just got off the phone with CIBC and they have closed a Mastercard account of mine due to account inactivity (over 1 year inactivity). I know that keeping an account open is advisable for your credit Bureau reports, but what effect does it have on my rating if the account was closed due to inactivity?

[dj_rice]

Your credit score will drop a few points because of the closure. But if your not doing anything that needs your credit looked at in the near future, you can bring it back up by doing regular bill payments and keeping on track of

[yellowsnow]

that's weird. i've never heard of a bank voluntarily closing a credit card. i have an amex that's been sitting at a $0 balance for over 5 years

[dj_rice]

Originally posted by yellowsnow
that's weird. i've never heard of a bank voluntarily closing a credit card. i have an amex that's been sitting at a $0 balance for over 5 years


Some companies do, some don't. For the CC's I don't use, I usually take out of hibernation and ring in $5 McDonalds or something small and pay it off right away every 3 months just to keep activity on it so they don't close it.

[Xtrema]

3 cards, 1 for gas, 1 for daily, 1 for travel.

All get used year round.