Reply
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Not renewing a card?


nicholasyud wrote:

Call the bank and tell them you doesnt want it ..........check your credit report and make sure they dont report it...

i mean i got my wells fargo and turn out didnt want it then after a few months they closed them out and i had to go a long process for Disputed and stuff for a few months but they did deleted it thou......


This is a bad idea.   It is better for your credit to have the closed account report for its normal 10 years.

 

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Not renewing a card?


Wolf3 wrote:

nicholasyud wrote:

Call the bank and tell them you doesnt want it ..........check your credit report and make sure they dont report it...

i mean i got my wells fargo and turn out didnt want it then after a few months they closed them out and i had to go a long process for Disputed and stuff for a few months but they did deleted it thou......


This is a bad idea.   It is better for your credit to have the closed account report for its normal 10 years.

 


why would you think the account with $500 limit and ""closed by credit"" after 3 months would look good ??? im had a very thin file like AAOA 3 years.....its drop so much since the account add on...........the account like 3 months old :smileyvery-happy:

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012

Re: Not renewing a card?


Walt_K wrote:

ccnewcc wrote:

sakhalin070 wrote:

Walt_K wrote:

It remains open unless/until the issuer shuts it down for inactivity.  Every lender has different criteria for how long they will let an account sit unused before they close it down.


Will having a credit card shut down for inactivity impact a credit score negatively?  Other than the UTIL rate


idk, but won't it say something like "Closed by Credit Granntor"?


So many accounts were shut down by credit grantors during the credit crunch that I don't think much weight is given to this comment.  Especially if the account is clean.  If there's a string of major lates, that's another story, but then again, it's the lates you're worrying about at that point, not the comment.


I disagree.  Irrespective of the amount of accounts that were closed by the credit grantor during the times in which we live, the account was closed not by the consumer.  IOW, the credit grantor reviewed the account and made a business decsion that the customer is someone they rather not do business with.  That to me is a bad signal.

 

The comment itself may not hurt your score, and most certaintly won't hurt your score if the account was a Posttive TL at time time with no lates, but the comment holds wieght -- espeically in a manual review.

 

Closed by Credit Grantor, means I'd better think again about lending to this borrower as they may not be profitable.

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Not renewing a card?


ccnewcc wrote:

Walt_K wrote:

ccnewcc wrote:

sakhalin070 wrote:

Walt_K wrote:

It remains open unless/until the issuer shuts it down for inactivity.  Every lender has different criteria for how long they will let an account sit unused before they close it down.


Will having a credit card shut down for inactivity impact a credit score negatively?  Other than the UTIL rate


idk, but won't it say something like "Closed by Credit Granntor"?


So many accounts were shut down by credit grantors during the credit crunch that I don't think much weight is given to this comment.  Especially if the account is clean.  If there's a string of major lates, that's another story, but then again, it's the lates you're worrying about at that point, not the comment.


I disagree.  Irrespective of the amount of accounts that were closed by the credit grantor during the times in which we live, the account was closed not by the consumer.  IOW, the credit grantor reviewed the account and made a business decsion that the customer is someone they rather not do business with.  That to me is a bad signal.

 

The comment itself may not hurt your score, and most certaintly won't hurt your score if the account was a Posttive TL at time time with no lates, but the comment holds wieght -- espeically in a manual review.

 

Closed by Credit Grantor, means I'd better think again about lending to this borrower as they may not be profitable.


Let's put it this way.  It doesn't hold much weight.  I have numerous accounts that were closed by credit grantor.  Some actually have lates, some were just closed due to inactivity, but instead of saying "closed due to inactivity" it says "closed by credit grantor."  It has had no impact on my ability to get approved for credit cards or a mortgage.  I'll agree that all else being equal, "closed at consumer request" looks better than "closed by credit grantor", but I wouldn't lose any sleep over the latter.


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


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+