Moving Back India - What to do with Bank Accounts and Credit Cards?

[srigopaldaliya]

Hi,

I am moving back to India after 3.5 yrs of my stay in USA (H1B) due to personal reasons. What should I do with my checking/Savings accounts and Credit cards? Should I close Checking accounts? Is is okay to keep them open, because I might come back again later, and it will be easy to get settled with already existing checking accounts.

Thanks in advance.

[raghvi]

Hi,

I am moving back to India after 3.5 yrs of my stay in USA (H1B) due to personal reasons. What should I do with my checking/Savings accounts and Credit cards? Should I close Checking accounts? Is is okay to keep them open, because I might come back again later, and it will be easy to get settled with already existing checking accounts.

Thanks in advance.

If there are no charges to keep a Bank account open even if there are no direct deposits or transactions through it, no harm in keeping them. Similarly if there are no annual charges associated with credit cards, keep them. Your credit history and score will be impacted if you close them. Which in turn could impact future loans if at all you return.

This is my opinion not legal advice.

[devspace]

Hi,

I am moving back to India after 3.5 yrs of my stay in USA (H1B) due to personal reasons. What should I do with my checking/Savings accounts and Credit cards? Should I close Checking accounts? Is is okay to keep them open, because I might come back again later, and it will be easy to get settled with already existing checking accounts.

Thanks in advance.

Thumb rule with US credit cards. DONT CLOSE THE OLDEST ACCOUNT. if your credit card doesnt have annual fee, keep them open and do 1 dollar transaction or for fewer amounts every 6 months to avoid idle closure. With respect to checking and saving, you can close them if you have a recurring fee monthly if you dont meet certain criteria. Also closing checkings and savings wont hurt credit history but credit card closures will.