Reply
Frequent Contributor
Posts: 316
Registered: ‎04-07-2012
0

Closing Accounts

Which one has a negetive impact, the account holder closing an account or the account grantor closing the account?

Contributor
Posts: 322
Registered: ‎10-19-2012
0

Re: Closing Accounts

[ Edited ]

WhiteCollar wrote:

Which one has a negetive impact, the account holder closing an account or the account grantor closing the account?


I have been told that it looks better if its the account holder that is closing the account however, A closed account is still a closed account. The grantor can close an account for many different reasons and other creditors know this.  I had an account closed on me simply because the store I got the card through quit using that bank and quit offering that card. That account was closed by the credit grantor nothing I could do about it and nothing I did wrong either.   So I think a closed account just looks like a closed account but again I am not for sure its just an opinion.

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Established Contributor
Posts: 825
Registered: ‎12-28-2011
0

Re: Closing Accounts

[ Edited ]

As long as the account is closed in good standing there should be no negative impact regardless of who closes the account. A closed account will continue to contribute positively to your length of credit history for 10 years before it falls off your reports.

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.