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Can a creditor close an account because of inactivity?
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Posted by Mary
(166.44.195.72) on May 20, 2003 at 15:45:15:
Is it common practice for a creditor (in this case, Sears) to close an account because of inactivity? The account was opened in April of 1997 and I probably haven't used it in 4 years or so. I received a letter the other day from Sears that my account had been closed because there was no activity for quite some time and for security reasons this was done. The credit limit on this account was a litle over $10,000. It stated that I may reapply if my credit needs should change in the future. Will I receive the same credit line if I reapply? Is this legal? and will this 'closed' account have a negative effect on my credit? I'm wondering if this is a result of my charge-off issue, if it is, they would have to state this wouldn't they? Could they take away credit I already have? Is this really just to protect me? I live in MA. Thanks.
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