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Posts: 10
Registered: ‎04-16-2009

HELP! Walmart gems closes my card after 2 yr no latest due to NSF

Facts had account 2 yrs  paid on time 1700 cl /800 balance. Back in August did have a return payment NSF my check was late and recently this happened again. They said after two it closes automatically. My concern will this be negative like a charge off? I'm willing to pay balance in fUlI just bought a new car no money down score 732, so I loved the royalty and don't want To lose my high score. How much do you guys think the score will drop. I only have two other cc. below 30 percent util. And a Kirby account almost paid for. Never any lates on my credit. Pleaswalmart issuer says there's nothing I can do unless it was my banks fault.

New Contributor
Posts: 76
Registered: ‎01-15-2012

Re: HELP! Walmart gems closes my card after 2 yr no latest due to NSF

I may be missing something, but I am fairly certain this info is not reported to the bureaus. The only effect this would have is the hit to utilization, number of open cards, etc.; however, if this resulted in a late payment of 30 days, you would take a hit for that. You can and should still pay the account. You just won't be able to charge.

The closed account will still report positively for 10+ years and any negatives for 7 years from date of any delinquency.

Good luck!
Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009

Re: HELP! Walmart gems closes my card after 2 yr no latest due to NSF

I think the worst that would happen is it might say "closed by credit grantor" in the comments section, but that doesn't affect your score and really isn't that big of a deal.  There are people that will caution that someone might have an issue with that comment on manual review, but I think that's overblown.  I have cards shut down for inactivity that say "closed by credit grantor."  I also have several cards that were closed by credit grantor because I had too many late payments, but anyone looking at my reports is more worried about those late payments than they are that notation, and I have no trouble getting credit right now. 

Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720

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Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008

Re: HELP! Walmart gems closes my card after 2 yr no latest due to NSF

^^^^ +1 Account will show paid as agreed, but closed by credit grantor. If you stop paying it will show as a neg account which you really don't want at all

$100K in Credit
Last Credit Card App: 11/16/13
Established Contributor
Posts: 760
Registered: ‎02-11-2012

Re: HELP! Walmart gems closes my card after 2 yr no latest due to NSF

+1 to the above, closed by credit grantor is not a negative, however, you do not want any late or missing payments. This will tank your score for seven years. If it goes to collections, then it will be there for seven years and six months. You  will lose 75 or more points, quite an impact!

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)

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