I have two TL's on my credit report that are closed and both say "Account closed by credit grantor". One of them is paid off and I'm working on paying off the other one. Is it bad to have that note on my closed accounts? Should I try to get the accounts reinstated and then close them myself? Thanks, Brett
Looks bad when someone actually looks at the report. e.g getting a mortgage. They'll want to know why the creditor closed your account
Yeah, notations of any account being closed by credit grantor is bad. As rackt3 pointed out, it is especially bad if applying for a mortgage. They ask you about every minor detail in your credit reports.
I have of those too; It's a B O A "joint" acct. It's listed among my "positive" tl's. DOLA ("last reported) 11/1994 according to Experian (and will be reported until 11-2004). This account has a status of Paid/Never late. So why did B O A list the account this way? Who knows? The other thing is, though it reads as a "joint" acct with my ex, I have no knowledge that this was a joint account nor did I ever have this credit card. My ex was a MASTER at applying for joint credit in my name. I certainly signed anything. I am going to apply for either a subprime or "FHA mortgage/with extenuating circumstances" in less than a year; because my bk 7 was discharged just last 12/02 I don't want anything else to cause problems. I have to move no later than 7/04 so I can either hope it causes no impact or dispute as EXP version of "not mine". I have at least 16 (varies by CRA) other good tls. I only let it go because it was listed among the "positive" tls. What do you advise I do that I do with this tl?
Re: Re: Acct closed by credit grantor -bad? No bounced checks (I would know because I did the statements but my ex wrote these checks) never late enough to be listed as even one 30 day late; more likely my ex had frequent over the limits. The closing balance was just under the high limit. Now what strategy would CN-eters suggest? Especially as I did not know about this account being joint status.
Re: Re: Acct closed by credit grantor -bad? If it's located in the positive section, don't dispute it unless you're ready to lose it. The CB will probably delete upon any dispute of its accuracy. I have one like that on my credit report, but it will be the last derog I go after since it is in the positive section. Luke
Re: Re: Acct closed by credit grantor -bad? Not necessarily so. Lest we forget Providian closing accounts "just because". I've even heard that once Providian finishes its restructuring, the company could be up for sale as early as 1st quarter 2004
Re: Re: Re: Acct closed by credit grantor -bad? I hate this company. I have a collection account that I am disputing because of them. Very shady business practices. My account turned into a mess because I made a payment over the phone, but they didn't apply the payment for a couple of months and never sent any statements for a few months also. I do not trust this company. One of the customer service reps I spoke to at the time told me this happened to quite a few people.
