Separate names with a comma.
Discussion in 'Credit Talk' started by Eric, Apr 4, 2000.
Barclaycard Ring™ Mastercard®
No annual fee, No balance transfer fees, No foreign transaction fees, Low interest!
CREDIT CARD WITH NO ANNUAL FEEBarclaycard Ring™ Mastercard®
Credit One Unsecured Visa®for Rebuilding Credit
Credit card for people with bad credit to rebuild credit!
BAD CREDIT CREDIT CARDCredit One Bank® Rebuild Credit
First Access Visa® Credit Card
Access to credit even with bad or limited credit! Reports to 3 major credit bureaus and accepted wherever you see the Visa® sign nationwide. Get application response in 60 seconds.
CREDIT CARD FOR BAD CREDITFirst Access VISA®
Green Dot primor® Visa®Classic Secured Credit Card
Credit lines available up to $5,000! Reports to three national credit bureaus; perfect card for reestablishing credit.
SECURED CARD FOR REBUILDING CREDITprimor Secured Visa Classic
Credit One Bank® Unsecured Visa® with Cash Back Rewards
Get cash back on every purchase. Unsecured credit card with monthly monitoring for credit line increases. Improve your credit history with responsible use.
CASH BACK UNSECURED VISACredit One Bank
It really doesn't have much of an impact. That reason for closure is not factored into credit scoring, only the rating on the account. There can be many legitimate reasons why the account was closed through no fault of the account holder such as: not using the account for a certain period of time; you moved and they mailed you a new card and it came back to them; the account being sold or transferred; the creditor no longer offering that type of credit (Remember when Arco got rid of their credit cards?). I've had a couple of those and if you dispute them with the CRA they will generally just change to notation to "Account Closed by Consumer.", especially if it's R1.
But do you really need to dispute it?
You answered my question though...I suspected that any closure buy the grantor, including "normal reasons" would generate that comment.
And the fact that it doesn't get used in scoring is the bottom line.
Once an account is closed and the balance is zero, the creditor typically stop reporting on it, so that status will remain as it was last reported.
Actually, if it's a couple of years old, you can probably get the entire account removed from your credit report by disputing it. Most creditors typically don't keep on-line records of closed, paid off accounts with no derogatory information associated with them. Even if it has had a couple of "Was 30s", they still might not have it online. Since there is no economic benefit to them to go through the cost and effort of dredging the archives (getting a computer tape delivered from an off-site location) they typically will tell the CRA there's "no such account" and it will disappear.