Merry Christmas, Closed By Grantor..

itsmemikeyg · ‎12-25-2013

So Barclays closed my iTunes Rewards account. Opened in May 2012, started at $250 limit so I never used the card. Three months ago I called and requested a CLI to $5000 and it was approved. I told them I was interesed in starting to use it for the iTunes rewards. I have never run a charge through the card, yet. Simply because I was focused on paying down some smaller CC balances first. Now the account has been closed, Thanks for the heads up CK. The card is not really a huge loss to me, however I did like the matte black design. Im more upset about the fact that the credit reports read "CLOSED BY GRANTOR" and I feel like I wasted a HP thats now on my TU report. I guess I shouldn't have requested the CLI until I really needed it? How is the closed by grantor seen by other credit agencies if I never even ran a charge through the card? Currently around a 760 FICO, hoping not to drop more than 10 pts.

Merry Christmas!

American Express Premier Rewards Gold Card / American Express Blue 30K / Discover It 33.5K / Bank of America Cash Rewards 16K / Citi Diamond Preferred 10.3K / Chase Freedom 10K / Chase Marriott Rewards Premier 5K / Best Buy Card 2.7K / Chase Slate 2.5K / Chase Freedom 1K

notfancy · ‎12-25-2013

are you sure it's closed? CK has been acting funny.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700 Seedling again as of 07/29/14

longtimelurker · ‎12-25-2013

@notfancy wrote:
are you sure it's closed? CK has been acting funny.

Yes, check by logging into your credit card account. But closed by grantor really doesn't matter, unless there are a lot of them all at one time. Closure for inactivity is well understood and doesn't really count against you (except maybe "You didn't use their card, how do I know you will use ours!" but that is very small).

The only reason your score would drop is if utilization increases, which in turn depends on your reported balances and what percentage the closed CL is of your total credit limit.

pizza1 · ‎12-25-2013

Well I'm not surprised at all they closed it. They gave you a big cli and you still never used their card. Companies don't like that!

FinStar · ‎12-25-2013

@itsmemikeyg wrote:
So Barclays closed my iTunes Rewards account. Opened in May 2012, started at $250 limit so I never used the card. Three months ago I called and requested a CLI to $5000 and it was approved. I told them I was interesed in starting to use it for the iTunes rewards. I have never run a charge through the card, yet. Simply because I was focused on paying down some smaller CC balances first. Now the account has been closed, Thanks for the heads up CK. The card is not really a huge loss to me, however I did like the matte black design. Im more upset about the fact that the credit reports read "CLOSED BY GRANTOR" and I feel like I wasted a HP thats now on my TU report. I guess I shouldn't have requested the CLI until I really needed it? How is the closed by grantor seen by other credit agencies if I never even ran a charge through the card? Currently around a 760 FICO, hoping not to drop more than 10 pts.

Merry Christmas!

Barclays is well-known in this arena. If the account stays inactive for a determined period (read your T&C which came with your card) then they can and will close it. The reporting "notation" really isn't a big deal, as longtimelurker pointed out, this simply goes with the territory, account was closed for inactivity.

DaylightSlaving · ‎12-25-2013

@pizza1 wrote:
Well I'm not surprised at all they closed it. They gave you a big cli and you still never used their card. Companies don't like that!

+1

Especially Barclays. I've got my NFL rewards card in the SD and I'm just waiting for them to close it.
Maybe I'll go buy a pack of gum or something. Lol

Last App: 12/25/2013
TU: 743 (Discover) Ex: 718 (CS) Goal: 760+ Across All
Gardening Until 6/25/14+

FinStar · ‎12-25-2013

@DaylightSlaving wrote:
@pizza1 wrote:
Well I'm not surprised at all they closed it. They gave you a big cli and you still never used their card. Companies don't like that!
+1

Especially Barclays. I've got my NFL rewards card in the SD and I'm just waiting for them to close it.
Maybe I'll go buy a pack of gum or something. Lol

I would just so it keeps it active. Local gas station, get some soda or something.

itsmemikeyg · ‎12-25-2013

Oh its definatly closed. I contacted Barclays, interinstingly enough they said its because I hadnt used the card in the past few months. Not that I NEVER used the card. Again, I get the closure I just dont like that "CLOSED BY GRANTOR" lol

American Express Premier Rewards Gold Card / American Express Blue 30K / Discover It 33.5K / Bank of America Cash Rewards 16K / Citi Diamond Preferred 10.3K / Chase Freedom 10K / Chase Marriott Rewards Premier 5K / Best Buy Card 2.7K / Chase Slate 2.5K / Chase Freedom 1K

FinStar · ‎12-25-2013

@itsmemikeyg wrote:
Oh its definatly closed. I contacted Barclays, interinstingly enough they said its because I hadnt used the card in the past few months. Not that I NEVER used the card. Again, I get the closure I just dont like that "CLOSED BY GRANTOR" lol

While the creditor's comment may seem like it has a negative connotation, it really doesn't. It's all relative, if you had several accounts that had such notation in one shot, then yes it probably wouldn't look favorably if it came up on a manual review. But one account, no biggie, it is simply coded as expected it the lender decided to close the tradeline for inactivity. Albeit, they beat you to it, otherwise it would reflect as CLOSED BY CONSUMER.

jasonkm1 · ‎12-25-2013

What if you only use their cards for balance transfers? Do you guys think they would close it because of that? Barclays is my oldest card and definitely do no want it closed, although I hardly ever use it for purchases, maybe I should start. For the last three years I've been using it just for their awesome 0% 15 months balance transfers, never had it swiped for a purchase once.