02-13-2013 09:56 PM
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.
02-13-2013 10:05 PM
02-13-2013 10:10 PM
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.
02-14-2013 12:33 AM
02-14-2013 04:34 AM
+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!