How bad is this notation? I briefly had a part-time job 2 years ago at a store, who required employees to have a store charge in order to receive their discounts. When I was filling out the paperwork, I said I didn't want a card and I wouldn't be shopping there anyway. (At the time, I knew I'd NEVER get approved for any credit anywhere, so I didn't want to bother.) If I remember correctly, I even checked off a box that said I gave up my store discount. About a week later, I received a card that was a pre-pay account, along with a letter stating that I was sent this card because I didn't qualify for a regular card. I quit the job the following week, never using the card. Now the card is reporting to all 3 bureaus as "Closed by Credit Grantor", $0 balance, $0 credit limit, pays or paid as agreed, closed in 2002. Is this worth disputing for removal? Thanks for any input.
Yes Chick. It's worth getting off of your CR's. However it's not an emergency. Other matters may need attention first. In the meantime, we'll figure out some way to ask them how the hell they can close an "account" which was specifically unrequested and never used in the first place. Score drop is what I'm thinkin. .
Too bad OCs don't have to validate. Wouldn't you love to see them try to produce a signed application?
I've requested copies of my signed application from several OC's, in an effort (bluff) to get a TL removed. All of them where able to produce a copy of an app. Sears actually sent page after page of my statements and copies of my signature on purchases. Write a blunt letter to the OC that says produce it or face the consequences.
I have a couple "Closed by credit grantor" accounts. They are paid as agreed and were never late. I don't believe this has affected my credit in the least. All my scores are in the mid 700's and the accounts are listed in the "positive" section on my reports. I have never had a problem with instant credit or receiving credit increases from my current creditors. I have received 2 Amex cards, Chase, BofA & Citibank without any problems. I am also bombarded with pre-approved offers. My point is, I don't think "Closed by credit grantor" is bad unless you did not pay as agreed. There are many reasons why a grantor may close the account (ie: going out of business, no longer offering particular product, etc.) This is JMO though.
I don't think it's necessarily bad as far as FICO goes, but I think it could be considered negative on a manual review.
SOMEBODY LOOKING AT IT WITH THEIR EYES WOULD "THINK" OF IT AS NEGATIVE... BUT the NEVER LATE, BALANCE $0, PAID AS AGREED...kinda' over-rules the logic that a credit card company would have a LOGICAL REASON TO CLOSE IT (CAUSE) AUTOMATIC AUTHORIZATIONS I "THINK" WOULD NOT CONSIDER IT AT ALL
-Just called Chase to request a credit limit increase. Only amount available immediately was $1,500. I wanted $3,000. The rep stated my request would be sent for manual review. It would take up to 5 business days. . . It took less than an hour. My online account showed the $1,500 increase the rep told me he could give within 10 mins. When I checked an hour later, the remainder was there. -Called American Express to request a limit increase of $2,500. The rep transferred me to Centurion Bank as they needed to complete a manual increase. The bank employee stated she needed to complete a manual review and placed me on hold. Back in under a minute. Credit limit was increased within 10 mins.
