Any idea how long it takes for cc's to close accounts?

[ccsjoe]

When I filed I had three 0 balance credit lines. One of them, an LOC with my new bank was closed 10 days after the filing. The other two, however, an AA credit card (store card like) and a Dell Financial Services card are still open and active. It's been about a month and a half since filing. Any ideas when these may go "poof"? I wuoldn't mind keeping them since I owe nothing, not like they're regular cc's that I can be tempted to use everyday anyhow.

[IBroke]

That's a good question - I just used one of my cards to purchase a new FICO.....

[ccsjoe]

That's a good question - I just used one of my cards to purchase a new FICO.....

Nice...lol

[justbroke]

They can go poof at any time. Not all creditors subscribe to a bankruptcy noticing service and thus aren't notified unless you included them on the Matrix. Some debtors have found out the hard way, when going to use one of the cards, that the line is closed or it is summarily closed at the time of use. Some debtors have used the cards for many months without issue, only to, again, go to use the card and it is closed.

Some creditors run monthly, quarterly or annual "promotional" credit inquiries to check if you're paying your other creditors. Whether this will affect your current credit cards... is unknown.

Best not to depend on them.

[ccsjoe]

not to depend on them.

I totally agree and have no intent to "depend on them", they're store cards anyhow. Just was curious to see if there was any standard parameters as to the timing. Starting to guess that if even you do not know of any parameter, then there isn't one period.

Thanks.

[justbroke]

I totally agree and have no intent to "depend on them", they're store cards anyhow. Just was curious to see if there was any standard parameters as to the timing. Starting to guess that if even you do not know of any parameter, then there isn't one period.

It's basically like this. If they aren't automatically closed within 14-28 days... it's usually not going to happen. However, the monthly, quarterly, and annual reviews that some perform, may trigger the automatic close.

Other than that... it's not predictable unless you scheduled the debt on your petition and placed the creditor on the mailing matrix, the creditor subscribes to the notification services, and/or the creditor does a "periodic" review of your credit history.

To me, that means... you'll never know.

[ccsjoe]

Thanks jb. That makes sense...even the never knowing....lol

[IBroke]

I'm not counting on them either. I just made sure they were kept out of the BK to "preserve" their positive status on the CR. I also documented all the proof I needed (printed out account-balance that showed $0 just prior AND after the filing-date).

Now, I'm going to resume using these cards just like I did before. And if they shut them down, so be it.

[ccsjoe]

Only reason I'd use these two would be for airfare with AA for a family vacation (we're driving to SoCal, so no need now) or to buy that new 60" LED LCD through Dell...which we really don't need. So, nope, no usage. Just like to log on to my account online and see it says "active". LOL

[IBroke]

Only reason I'd use these two would be for airfare with AA for a family vacation (we're driving to SoCal, so no need now) or to buy that new 60" LED LCD through Dell...which we really don't need. So, nope, no usage. Just like to log on to my account online and see it says "active". LOL

Hahaha....Well, in my case, they both only have a CL of $300 each - so no vacation or plasma for me. But I guess I might pay some utility-bills with it. They always carried a balance and I might be suspicious if they all of a suddden don't. And as you know, one of them is secured so I'm only spending what I already paid..

Oh, I could also charge my pre-discharge fee on it....Hahahaha....

[ccsjoe]

The AA has 1K on it so no fancy vacations, especially with family, but the Dell has 5K on it....so yes, big LED temptation,...ok, back to reality...bad cards, bad cards. Don't really need that debt anymore.

[backtoschool]

They can go poof at any time. Not all creditors subscribe to a bankruptcy noticing service and thus aren't notified unless you included them on the Matrix. Some debtors have found out the hard way, when going to use one of the cards, that the line is closed or it is summarily closed at the time of use. Some debtors have used the cards for many months without issue, only to, again, go to use the card and it is closed.

Some creditors run monthly, quarterly or annual "promotional" credit inquiries to check if you're paying your other creditors. Whether this will affect your current credit cards... is unknown.

Best not to depend on them.

I totally agree with justbroke. Small store cards that do not subscribe to notification services are most likely to remain open post bk, but even those could go at any time. Major credit cards will close soon after you file.

[ccsjoe]

Thanks B2S. They might be store card-like but they are actually both through Citibank....which is what is really surprising me since I bk'd on the Home Depot card (also Citibank)....seems they would have run my social through the entire system. I like jb's "never know" explanation, somewhat comforting.

[IBroke]

BTW, what if such a card carries a balance once it's closed? Is the entire balance due immediately or do the monthly payment terms still apply? Not that it would make a difference - just curious..

[ccsjoe]

BTW, what if such a card carries a balance once it's closed? Is the entire balance due immediately or do the monthly payment terms still apply? Not that it would make a difference - just curious..

Monthly payment terms apply. My Home Depot card was in that situation. They wanted to raise interest rate, I said no, they said this will close it you need to reconsider, I said close the sucker then. Enjoy.