Page 12 - aruba-today-20230817

A12 BUSINESS
Thursday 17 augusT 2023

Millennial Money: Issuer closing your

credit card? Act fast to preserve credit

By MELISSA LAMBARENA of
NerdWallet
It’s not uncommon for
credit card issuers to close
accounts. Sometimes they
do so to lessen their risk
when the economy is in
distress, generally as a re-
action to your spending
activity or lack thereof.
After all, issuers make mon-
ey from every tap or swipe,
so inactive cards aren’t
fruitful for them.
“If you’re not paying an
annual fee and you’re not Credit cards are seen in Philadelphia on June 10, 2015.
using the card, you’re be- Associated Press
low the zero revenue line,
you’re actually costing the
card issuer money every account closure, use it to refuses to keep your credit
month,” says John Ulzheim- make a case. For instance, card open, try countering
er, a credit expert formerly if the decision is due to an those effects by applying
with FICO, a credit-scoring inactive card, let the issuer for a new one with a differ-
company, and Equifax, a know you plan to use the ent issuer.q
major bureau that provides card more.
consumer reports. “Eventu- One way to ensure consis-
ally they’re going to close tent use: Set up autopay
your account because with the card for a recur-
you’re not generating any ring subscription.
swipe-fee income.” SEEK AN ALTERNATIVE IF THE
An account closure can ISSUER SAYS ‘NO’
harm your credit, but if For Jake Dube, an engi- House for sale
you’re fortunate, a credit neer based in Ohio, there alto Vista Noord
card issuer might send wasn’t much room for ne- 3 Br 2 Bath
you a notice as a courte- gotiation when his credit Lease land nice view from the
sy beforehand. That can card issuer changed terms islands
provide you time to make and presented him with an Price :$500 K
some moves to counter ultimatum. He would have Call :011-297-630-1307
any negative impact to to pay a monthly fee or opt johnnypaesch@gmail.com
your credit scores. Regard- out and have his account www.halleytimetravelaruba.online
less, if you take no actions, closed. “I opted out and it
it could take longer for your shut the account down,” House for sale
credit to bounce back. he says. Kamay Noord
ASK THE ISSUER TO RECON- An account closure can 3 Br 2 Bath
SIDER affect how much total 10 min walk to palm beach
Before the account is offi- available credit you’re us- Price : $650 K
cially closed, call the cus- ing. It’s a key factor that Call : 011-297-630-1307
tomer service number on impacts your credit scores. johnnypaesch@gmail.com
the back of your card to “The amount of the score www.halleytimetravelaruba.online
see whether the issuer will impact is going to be vari-
reevaluate the decision. able based on the amount House For sale
There’s no guarantee, but of credit card debt and Pos abow near
there’s also nothing to lose the other credit cards you super food Pizza hut
by trying. have on your report,” Ul- 10 min walk to eagle beach
If the notice the issuer sent zheimer says. 3 Br 2 Bath with pool
provided a reason for the So if a credit card issuer Price :$ 325 K
Call :011-297-630-1307
johnnypaesch@gmail.com
www.halleytimetravelaruba.online

Condo For sale
Noord
15 min walk to beach
2 Br 2 Bath
Price :$ 395 K
Call :011-297-630-1307
johnnypaesch@gmail.com
www.halleytimetravelaruba.online