topic Re: Account closed by grantor= -16 on FICO in General Credit Topics

Account closed by grantor= -16 on FICO

nodaysoff — Thu, 15 Nov 2012 09:50:37 GMT

So I woke up this morning to a lovely alert that my FICO score has decrease. :smileysad: It went from a 629 to 613 because my pepBoys card which was paid as agreed and had a zero balance, closed on me. This actually suck because my score recently went from a 579 to 629. Couple weeks ago I received a letter from GE(pepboys) stating that its been closed, I assumed that it was because they notice I was @ 579? Is there anything that I could or should do to resolve this??

Re: Account closed by grantor= -16 on FICO

llecs — Thu, 15 Nov 2012 13:11:58 GMT

You can always call and ask for the reasons why, and then ask them for a reconsideration if you wanted it reopened.

You can also check the softs on your reports to see when they pulled last, and then correlate to when they saw what score.

Re: Account closed by grantor= -16 on FICO

Repo-ed — Thu, 15 Nov 2012 13:29:32 GMT

They can possibly repoen it within 30 days or something.

My DF closed her Dell card that had a 5k CL because their CS sucks. I told her to call back and try to reopen it, as she'll take a hit to her Util%

She called back and they told her they can reactivate the account, so long as it was done so within 30 days.

YMMV

Re: Account closed by grantor= -16 on FICO

Epcot — Thu, 15 Nov 2012 14:00:20 GMT

Wow.. sorry to hear that. Definitely agree with previous posters, give them a call!

Re: Account closed by grantor= -16 on FICO

nodaysoff — Thu, 15 Nov 2012 14:52:09 GMT

Thanks for the feedback guy! Yeah this does suck, last year this time I was getting shut down for mortage loans and been working hard on cleaning it up for this years end. Definitly going to give them a call. I havent used that card for almost two years now and dont need it, hut if keeping open will allow me to get back my points so be it. Thanks again for the quick and helpful responses.

Re: Account closed by grantor= -16 on FICO

llecs — Thu, 15 Nov 2012 14:53:55 GMT

nodaysoff wrote:
I havent used that card for almost two years now ....

That's likely the cause. Be sure to use your cards every 3-4 months to keep them from being closed.

Re: Account closed by grantor= -16 on FICO

webhopper — Thu, 15 Nov 2012 16:40:38 GMT

Definately you want to try to use those cards to keep them active... GE is known for closing accounts or credit limit decreases if the account becomes inactive...

Best of luck to you on getting it re-opened!

Re: Account closed by grantor= -16 on FICO

nodaysoff — Thu, 15 Nov 2012 21:34:14 GMT

So I called and spoke to the sup/manager, she confirmed that a soft pull was done and my score being at a 579 before the 629 jump didnt meet their criteria. She also said once its colaed they cannot reopen the account not even the day after. Slightly piss right now, not sure what to do next,

Re: Account closed by grantor= -16 on FICO

jsucool76 — Sat, 17 Nov 2012 23:02:51 GMT

nodaysoff wrote:
So I called and spoke to the sup/manager, she confirmed that a soft pull was done and my score being at a 579 before the 629 jump didnt meet their criteria. She also said once its colaed they cannot reopen the account not even the day after. Slightly piss right now, not sure what to do next,

#FewDaysLate

If you haven't used the card in 2 years, why are you upset? You weren't using it at all...so it wasn't doing anything for you...

The 16 point decrease in your score is likely due to a drop in available credit, causing an increase in your utilization. Nothing that can't be fixed by making a few payments.

Re: Account closed by grantor= -16 on FICO

AaroninOakland — Sun, 18 Nov 2012 04:05:03 GMT

jsucool76 wrote:
nodaysoff wrote:
So I called and spoke to the sup/manager, she confirmed that a soft pull was done and my score being at a 579 before the 629 jump didnt meet their criteria. She also said once its colaed they cannot reopen the account not even the day after. Slightly piss right now, not sure what to do next,
#FewDaysLate

If you haven't used the card in 2 years, why are you upset? You weren't using it at all...so it wasn't doing anything for you...

The 16 point decrease in your score is likely due to a drop in available credit, causing an increase in your utilization. Nothing that can't be fixed by making a few payments.

Agree with you -- GE typically closes account with 2 yrs inactivity (they send out a statement saying as much -- even with a $0 balance the statement will go out or a letter that says the account is about to be closed), the score drop is most likely due to the utilization.

Re: Account closed by grantor= -16 on FICO

AaroninOakland — Sun, 18 Nov 2012 04:07:27 GMT

However, thinking about it -- I dont think the inactivity closure wouldnt say closed by credit grantor... it would just say closed (in most situations). If your score issue caused the closure and that was an incorrect credit score I would escalate the concern and have them resolve it... but they would most likely require a pull on your credit to ensure the score issue was simply a mistake and not actually correct. Good luck!

Re: Account closed by grantor= -16 on FICO

Revelate — Sun, 18 Nov 2012 05:29:07 GMT

AaroninOakland wrote:
However, thinking about it -- I dont think the inactivity closure wouldnt say closed by credit grantor... it would just say closed (in most situations). If your score issue caused the closure and that was an incorrect credit score I would escalate the concern and have them resolve it... but they would most likely require a pull on your credit to ensure the score issue was simply a mistake and not actually correct. Good luck!

To my knowledge, reason for card closure has nothing to do with the FICO algorithm. Also if the lender initiates the close for any reason typically it will be "closed by credit grantor," but that in and of itself isn't a huge negative as it's really pretty common. Usually the negative leading up to the closure (if it was AA) will be readily apparent to any future UW looking at the card.

The likely reasons for the drop:

- As someone stated, probably affected revolving utilization numbers, or possibly the ratio of number of cards showing a balance.

- Dropped the aggregate number of open revolving tradelines past some threshold (2 we think), if there's only one card on a report that generally appears to be a straight negative as compared to two. Mix of credit calculation would be my guess on the scoring reason, or perhaps it's a bucketing issue.

Not certain there's too many others which rationally make sense, but a closure status code isn't one of them AFAIK.

Re: Account closed by grantor= -16 on FICO

nodaysoff — Sun, 18 Nov 2012 13:01:03 GMT

Wasnt upset that they closed the account, was more upset that my score dropped

Re: Account closed by grantor= -16 on FICO

nodaysoff — Sun, 18 Nov 2012 13:06:52 GMT

She mentioned they occassionally do a soft pull to verify that customers are up to there credit standards, or something along those lines. This mightve been done when my score was at 579.......I guess my question now is, would it be a good idea to apply for another credit/charge card? At the moment I dont have any line of credit besides my mortgage......

Re: Account closed by grantor= -16 on FICO

Shogun — Sun, 18 Nov 2012 14:51:14 GMT

If you only have your mortgage, you are going to need to get some more positive TLs. Maybe a couple secured cards would help to start with.

Re: Account closed by grantor= -16 on FICO

nodaysoff — Mon, 19 Nov 2012 20:33:15 GMT

What are some things I need to look at on my end when deciding which CC to apply for? at my current score, Id hate to apply and get denied,