Banks and credit companies have over extended themselves for so long that now they are being forced to make cuts . They are cutting people who haven't used their cards or shutting accounts down as soon as a payment is late.
The rules have always been that they can raise your interest rate as soon as a payment was late , but that also includes any late payments to
any card. It doesn't have to be THEIR card . They can raise your interest rate even if you are late on a competitors card. That helped for a while but now the are being forced to even more drastic measures so that means anyone can be cut for no reason other than they chose to do so.
But to cancel a card you have had for 11 years without any notification is crazy ! I would be livid ! Call the company and ask why they were cancelled and ask that the SAME card and account number be reopened. To have an established ,well aged , and good line of credit closed can lower your credit score and will mess with your debt to income ratio on your other accounts.
If they reopen it under a new account number that will also drop your score ( in the short term) as it counts as a new card with no established payments...So try to get them to reopen the same account.
They may not be able to since they didn't give you any notice
and it's been over a month but it would be worth a try.
I swear things are getting crazy!
