Does anyone know if having "Closed at Credit Grantors Request" lowers your credit score? I have an account with Direct Merchants Bank and they closed it 1 1/2 year ago, Becasue I mailed my payment via personal check, I totaly forgot and went and pump gas with my Check Card instead of my Credit Card and the check Bounced, so the bank cancel my card =( My Credit Limit is $3,600 and I'm still paying the balance of $2,200 I never been late on this account. Having this account closed, will they ever sent it to an external collection agency?? or they will just continue to take my payments since I never been late.
They likely won't send it to collection as long as you're paying it off. But I'd get the "closed by credit grantor" changed to "closed by credit consumer" if I were you. There has been some debate here on whether it lowers your scores, but at any rate, it LOOKS bad to other prospective and current creditors. I had one that said that and also had been 90 days late when they closed it. I dispute the late and they verified, but did change it to "closed by credit consumer". It may have helped that it was my credit union's secured MC and I still have checking and savings accounts with them for 10 years now. But try your best to get that changed. Even if it doesn't hurt, it sure doesn't help.
I have a positive tradeline that says 'closed by credit grantor' and it does't seem to have hurt my scores much, if at all. Ozzy.
I had a creditor who we had a zero balance with, that closed us after our bk was discharged. It's still listed as a positive even with that verbage and the score wasn't affected. Providian closed my hubbys Getsmart acct right when they sold to emerge. We called on that one and they said it would still show as positive as long as we keep paying it off on time. I'll be keeping an eye on them for sure... Newstdt
