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Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007

Is this hurting my credit?

[ Edited ]
Credit Card - Revolving Terms Acct Status:Closed  Closed Monthly Payment:$20.00 Date Open:5/1/2007 Balance:$392.00 Terms:Revolving  Minimum High Balance:$1,420.00 $750.00 $1,420.00 Limit:$750.00  $750.00 Past Due:  $0.00 Payment Status:Current Pays account as agreed Paid or paying as agreed Comments:Credit line closed-grantor request-reported by subscriber
 ACCOUNT CLOSED BY CREDIT GRANTOR
CREDIT CARD
 Canceled by credit granto
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Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007

Re: Is this hurting my credit?

Its a closed account, with a balance on it I am still paying off. 

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

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Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: Is this hurting my credit?

if it's closed, then yes, because it's showing like you are over your limit.

Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Regular Contributor
mgs2010
Posts: 185
Registered: ‎07-26-2009

Re: Is this hurting my credit?

Actually, no it is not hurting your credit. A balance on a closed account does NOT make it look like you are over the limit. A closed account with a balance still factors into your utlization. According to the entry you posted it is on time/never late...it doesn't get much better than that. As far as the notation that it was closed by the credit grantor..this means absolutely nothing for FICO scoring. You may come accross those who believe otherwise but trust me, I've spent hours researching it a year or so back and that is simply a notation on the account...it has absolutely nothing to do with the payment history/overall rating of the account as far as your score is concerned.

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Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: Is this hurting my credit?

 


mgs2010 wrote:

Actually, no it is not hurting your credit. A balance on a closed account does NOT make it look like you are over the limit. A closed account with a balance still factors into your utlization. According to the entry you posted it is on time/never late...it doesn't get much better than that. As far as the notation that it was closed by the credit grantor..this means absolutely nothing for FICO scoring. You may come accross those who believe otherwise but trust me, I've spent hours researching it a year or so back and that is simply a notation on the account...it has absolutely nothing to do with the payment history/overall rating of the account as far as your score is concerned.


 

if it still factors into your utilization, then the balance HAS to count.  it doesn't just count the CL; it counts your usage of that CL as well.

 

Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Regular Contributor
mgs2010
Posts: 185
Registered: ‎07-26-2009

Re: Is this hurting my credit?

please explain how it would make it look like he/she is over the credit limit. A closed account still factors the credit limit against the balance just as if it was an open account. The only real difference is that you can't make charges on a closed account...

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Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: Is this hurting my credit?

 


mgs2010 wrote:

please explain how it would make it look like he/she is over the credit limit. A closed account still factors the credit limit against the balance just as if it was an open account. The only real difference is that you can't make charges on a closed account...


 

 

i see now, i was wrong.  can't read apparently :smileysad:  i thought the balance was 1420, which is why i didn't understand why you thought he was not over the limit on a 750 CL card.  thank you for correcting me!

 

but yes, we are both right about what the situation would be IF the balance WAS 1420.  :smileyhappy:

Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Regular Contributor
mgs2010
Posts: 185
Registered: ‎07-26-2009

Re: Is this hurting my credit?

I'm glad we're on the same page. I was wondering if I was missing something :smileyvery-happy:

Valued Contributor
bunnyrabbit
Posts: 1,413
Registered: ‎01-20-2008

Re: Is this hurting my credit?

[ Edited ]

ngerasimatos wrote:

      Credit Card - Revolving Acct

     

     Status:  Closed 

 

 

      Monthly Payment:   $20.00 

 

 

      Date Open:   5/1/2007 

 

 

      Balance:   $392.00 

 

 

      Terms:   Revolving 

 

 

      Minimum   High Balance:   $1,420.00    $750.00    $1,420.00   ?

 

 

      Limit:   $750.00    $750.00   ?

 

 

      Past Due:  $0.00 

 

 

      Payment Status:   Current          Pays account as agreed          Paid or paying as agreed 

 

 

      Comments:    Credit line closed-grantor request-reported by subscriber
 

      ACCOUNT CLOSED BY CREDIT GRANTOR

 

      CREDIT CARD    Canceled by credit granto


 

 

I modified OP's post  to easy to read ...     can some body help me in the blue area?

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Established Contributor
KingAdrock
Posts: 656
Registered: ‎07-17-2007

Re: Is this hurting my credit?

 


mgs2010 wrote:

As far as the notation that it was closed by the credit grantor..this means absolutely nothing for FICO scoring. You may come accross those who believe otherwise but trust me, I've spent hours researching it a year or so back and that is simply a notation on the account...it has absolutely nothing to do with the payment history/overall rating of the account as far as your score is concerned.


If you ever have a live human being look at your CR, (i.e. a manual review) "Closed by consumer" does look better than "Closed by credit grantor". That being said, manual reviews are not too common nor does it appear to be substantial difference. But yes, as far as your FICO is concerned they are no different.

 


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