[strickjb9]

Don't trust cancelling your card either. I closed my account at Capital One, paid the final balance, and six months later I noticed a steep drop in my credit score. I had a $3 monthly charge that kept recurring even though I had closed my account.

Also, because my account was "closed," I didn't receive any statements notifying me that I was being charged. I only discovered this issue when my credit score dropped by 100 points.

[kbolino]

Closing a credit line penalizes your credit score in general. It's why the standard recommendation is generally to leave the accounts open, forever.

Another thing for the FTC to investigate/stop.

[thallium205]

Closing a personal credit card, in my experience, temporarily drops the score a few points and then it goes back to normal. It's a myth promulgated by banks to keep accounts open.

[kbolino]

If so, that just raises the question: of what benefit is it to the banks to keep unused accounts open? The maintenance costs may be low, but they're still nonzero.

[thallium205]

Ask Wells Fargo -> https://www.justice.gov/opa/pr/wells-fargo-agrees-pay-3-bill...

[SoftTalker]

And yet if you have a "dormant" checking or savings acccount, many banks will start charging you a monthly fee.

[stavros]

The bank allowing a charge on a closed account is some bullshit.