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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sun Nov 30, 2008 4:46 am
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| Carol, How would one go about asking the credit bureaus to change the listing from closed to closed by grantor? Does this mean the issuer of the card like Discover closed the card and not the person theirself? How does this help if it shows the creditor closed the account? I would think it would have a negative effect in showing that they closed the card. It would make it look as if the debtor was not holding up to their end or not making timely payment.. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Mon Dec 01, 2008 10:02 am
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HI fireyone
You can always find the listing in the credit report whether it is listed as "closed" or "closed by grantor". If it is only listed as closed, then it may be that either you or the creditor has closed the account. But if it is listed as "closed by grantor", it means that you have not closed the account from your end and so the credit score will fall, but not much. Moreover, whether the account is closed for non payment or non utilization of your credit card will be reflected from your credit report itself.
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sharon smith
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Subject: closing my credit cards
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Mon Jan 19, 2009 2:29 pm
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| I have paid off 3 of my 5 credit cards and dont know if to close them or leave them active, i dont intend to ever use them again, but have been told its not good to close them, why? |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Tue Jan 20, 2009 11:43 am
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Hi Sharon
Never close an existing credit card if it has a good credit history. If you close down a credit card, the entire credit history will be lost and since the credit history contributes about 35% in your FICO score, your score will also get reduced. However, if the credit history is not good in your cards and you are default on the cards which is reflected in your report, you should close them down. Moreover, if the credit cards have annual charges and you do not wish to use them any more, you should definitely close them down.
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Where there's a will, there's a way !! |
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Maxine
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Subject: credit ratting drops because of canceled credit cards
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Sun Sep 06, 2009 6:43 pm
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| I think this is bad business. What if you don't owe anything and don't want the libility of having a idenity theft happen? I am sorry. I do not agree and I want the Credit Reporting Companies to explain why this would happen. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Sun Sep 06, 2009 7:44 pm
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| I agree that if you close them your credit score will definately suffer, but then again you will have to pay fees associated with keeping them open. So either way the decision is up to you. Do you want to lower your score or do you want to pay the fees if there are any? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Tue Sep 08, 2009 1:00 pm
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| I would think it would be hard to determine a credit score or credit worthiness unless they used open accounts. I know it does not seem fair to have to leave open an account you no longer want or need but what other way would there be to do a score. I have accounts opened that I do not use and am afraid they will close them but in these times who needs more debt. Does anyone know whether monthly utilities count toward your score? These companies should be made to report monthly to the credit agencies since it would help build credit and it would be an account you needed to leave open. |
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