I'm thnking, if they want to cut cost, quit sending out all the junk mail to Tom, Dick, and Harry..Quit spending millions on advertising! I geuss i may be a little confused to see where closing accounts that were not used saves money.

Why didn't these credit card companies send out a nice letter giving fair warning to the user....use the card, or close the account or the account will be closed for you that may damage your credit rating worse.

My geuss is that the credit card companies didn't want a flood of people calling all at once...lol

Chase closed my account 2 months ago, they said i didn't use the card for 2 years...i geuss i didn't need it that bad to call them up begging to reactivate it...lol...Where was the letter of customer appreciation?

I agree with you LU!

LU, be grateful Chase closed your account, some customers are starting to be charged a $10/month fee, whether they have a balance or not.  I'm guessing with all the personal finance experts (Suze Orman, Dave Ramsey, etc.) advising us not to close cc accounts to avoid the ding on our credit score, cc companies are counting on customers afraid of ruining their credit score to pay this fee.  

I have been paying off my cc's over the last year and am down to the last $6,000, which I am now accelerating.  The first 2 reasons were 1) the economy, if I lose my job, I don't want debt hanging over my head and 2) with the changes being forced on the cc companies by congress next year, I want to avoid any abuse by the cc companies such as a jump in interest rate, now I have to worry about fees.

When the credit card companies asked for and received the right to increase interest and monthly payments, where was the outrage Congress now professes to have? I am tired of Congress acting with indignant righteousness after they helped create the monster. I think it is time we focused our anger on the real source of our problems and demand Congress actually starts putting us first. If they had credit card companies would have had to reduce the interest allowing us to pay off cards faster and make monthly payments. Sounds easy, instead of allowing interest rates to jack up to over 20% to 30% or higher, credit card companies would have had to make do with maybe 12% and not have so many people stop paying on them period.

It's not that closing accounts will save money - it's that the CC companies don't want to bother with you if you're not going to SPEND money, put it on their charge card, and keep a balance. That's what makes them money. People who use cards sparingly and pay them off in full aren't profitable. I used to play that game but no more.

Dave Ramsey, who couldn't care less about FICO scores, says close credit card accounts once you've paid them off. Suze Orman, who worships at the High Altar of the Almighty FICO Score, says keep the accounts open. I've got two accounts that have had zero balances and no activity for months. I used the Ramsey plan to get completely out of debt in 2007-2008 - much as I like Dave Ramsey's teachings, the reality is that the FICO score does account and so I keep the accounts open to get the highest score I can. I hope to buy a house in the near future.  If I start to get dinged with fees, however, forget it - I'm closing the accounts.

Not to worry, soon a credit score will be just another meaningless number. The Global Economic Collapse of 2009 is going to completely change the way the world economy operates (for good or bad). The sooner you abandon hope for a return to the past the sooner you can recreate your life and embrace the future.

I dare say that the orgy of debt that permeated our existence is going to be drastically reduced.

Maybe we just start to live within our means? Simple solution. How do you think our grandparents did it, and even some of our parents? Live within your means, pay cash! Credit should only be used to purchase vehicles and homes. You save for the other luxuries you want...we have been stupified with debt.

LU, like you I got very irritated with companies (not just offers for credit cards) sending me all kinds of unsolicited mail (i.e., junk mail).

So, I took matters into my own hands: I put my name on the "junk mail opt out" list. This stopped MOST of the mail.

Some mail I received from banks whose credit cards I used to carry (essentially inviting me back. NOT!). Again, taking matters into my own hands, I called the number in the letter and asked them to remove my name from every single list they have.

Like almost debt free, I have been paying down my credit card balances over the last 11 months. I am almost there (as of tomorrow. Yay!). Over the last few months I have closed several accounts out, each time telling the company to remove me from every list.

Calling the companies takes very little time. And I have only needed to call 2 or 3 banks. I have several reasons for taking the time to do this:

1. Less junk for me to go through when I get the mail. This saves me time.

2. Less waste that ends up in landfills; less trees cut down to make paper; less money that the banks spend (I have also gone paperless with nearly every open account I have whether it's a credit card, a utility company or a bank statement. What do you think ultimately costs banks less and comes back to me in the form of lower fees? See how it's all connected?)

3. Personal security (another reason I have gone paperless. I frequently receive mail--sometimes bank statements for people who don't live at my address. Good thing I am an honest person. Going paperless isn't 100 percent, but it gives me some peace of mind)

Bottom line: I cared enough about receiving all this junk to take a few minutes out of my day and do something about what I perceived as a problem. Imagine if we all did the same everyday.

My favorite is when I get credit card offers from cards I already have.  

This just happened to my wife and I. A card with a $20,000 account availability and opened since '99 was just closed without warning by Chase. Drastically reducing our available credit and our credit history.

Companies should have to give warning and should have to ask permission before they can do these kinds of things since it affects us through no actions of our own. We hadn't used the card in 24 months but I would have been willing to buy a gallon of gas with it and then pay it off if thats what they wanted.