OurCommunityPower.org >  Credit Forums   Debt Forums  Mortgage Forums  Insurance Forums
CreditMagic: Helping you build up credit
Close

    LOG IN
Don't have an account? Sign up

*Email:
*Password:
*Display Name:
* denotes required field
*Email:
*Password:
Forgot password?
*E-mail:
  
HomeCredit ForumCredit repair

closed credit card

 Post reply  Start a topic
Author Message
Options
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to del.icio.us
Add to YahooMyWeb
 
donna
Guest
Subject: closed credit card
 
 Posted on Tue Jul 01, 2008 4:37 pm  
I had a boa cc for over 3 yrs never late always near my limit alot but paid it on time every month. except the june payment I was late on because my daughter had a baby a month early and thing got away from me.
when I realized I didnt pay them i quicly emailed them and told them the payment will be made within a week payment was due on the 4th paid them on the 12th.
I made the payment the late fee the current payment plus a lot extra which totaled 750.00. everything was fine they raised my rate from 13.99 to 29.99 called them they lowered it right back saying I was a good customer gave me back my over paid intrest and late fee . I was happy then I go to use the card over the weekend and it was declined. called them monday they said they closed my account because they ran a credit report on me and said I have to much debt. my credit report is spotless every card I have I pay never late never over limit I said I had these same cards when you gave me this one but the lady I spoke to said it was the right thing to do becasue of all the cards I had I complained that I had all of these cards when you gave me this one but she didnt want to hear it my husband thinks they closed it because the couldnt get the 30% intrest out of me, he said if I didnt call to have the intrest lowered I would prob still have this card. but they said the high would of been for 6 mnths only like a punishment.
I now dont care that they closed it but what bothers me is that on my credit report it says closed by grantor is that a bad thing i will keep paying this card til its paid off but i think since they are stating they closed it it will mess up my credit
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 198



5299 Magic Points
 
 Posted on Wed Jul 02, 2008 9:54 am  
hi donna
Actually your credit card account is not closed, it has been blocked for a few months. So it will not show as "closed by grantor" in your credit report as far as I know. Moreover, since you do not owe them any money, I find no reason why they would close down your cc account and lose a customer like you.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 530



13560 Magic Points
 
 Posted on Wed Jul 02, 2008 10:30 am  
"Closed by grantor" status generally appears on the credit report only when your credit card is not used for a long time and the credit card company closes the cc account instead of renewing the account. If this becomes the case you need to contact the credit reporting agencies and request them in writing to change the status to "closed by customer".
_________________
Best Wishes
Justin
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3235



2257 Magic Points
 
 Posted on Wed Jul 02, 2008 9:54 pm  
Will this be under a positive or a negative report on the credit report?
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 530



13560 Magic Points
 
 Posted on Thu Jul 03, 2008 10:29 am  
Hi goodnatured
I actually have not come through "closed by grantor" status in my credit report. But normally it should show under the negative report because it is an indication that you have applied for a credit card, got it, but never used it or not used it for long. As far as I know, "closed by grantor" status lowers your credit score.
_________________
Best Wishes
Justin
 
Quick Reply
Your Name
Subject
Message body
Page 1 of 1

 


All the works we publish comply with the Creative Commons Attribution License.
This work is licensed under cc by 2.0

Home Knowledge bank Forums About us

Members Area
  • Log in
  • Sign up
  • Bookmark us
Ask the Community
Join credit magic community
Search
  • Forum Search

Financial Tools
  • Letters of Credit
  • Credit Repair Tool
    (By MortgageFit Community)

Quick poll
How frequently should we check our FICO score?
Yearly 
Half Yearly 
Quarterly 
Monthly