Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 105
Registered: ‎04-15-2008
0

HSBC with $5.00 limit?

I believe that I disputed this years ago that a HSBC credit card was on my CR that I never had.  At the time it said it was open, now it says: 
 
HSBC Bank
Acct Type: Credit Card - Revolving Terms
Acct Status: Closed
Date Open: 11/1/1999
Terms: Revolving
High Balance: (blank)
Limit: $5.00
Payment Status: Paid satisfactorily
Comments: Credit line closed-grantor request
 
I read an article about closing credit cards the right way and it says that you want it to show that YOU closed it, not the creditor.  Is this worth disputing?  Could it hurt at all to have a grantor closed account?
1/10/09 EQ=806, TU=772, EX=788
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: HSBC with $5.00 limit?

I would leave as is. If anything, this account could be helping your average history. Under a manual review, closed by credit grantor could hurt. However, it does say that it was paid. Also, you'd be given a chance to talk about it since the $5 CL would certainly trigger something in a lender's eyes.
Regular Contributor
Posts: 179
Registered: ‎07-11-2007
0

Re: HSBC with $5.00 limit?

I just read an article interviewing an upper level manager at Fair Isaacs.
 
He said that the status of how a card is closed (by consumer or by creditor) doesn't play any factor in calculating your scores.
Highlighted
Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
0

Re: HSBC with $5.00 limit?



coachhenson wrote:
I just read an article interviewing an upper level manager at Fair Isaacs.
 
He said that the status of how a card is closed (by consumer or by creditor) doesn't play any factor in calculating your scores.



We know. The only time it's an issue is if there is a manual review.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.