good bye!!!

[Cesarlopez]

How often do you look at credit???? Most people will tell you to MANAGE your dormant accounts. Buy something every couple of months "pack of gum" and pay it off. Allow accounts to go completely dormant and suggesting that people wait until the credit grantor has to close your account instead of just closing an account you dont want is plain bad advice. In my line off work... When someone has this on there credit... they NEVER meet our guidelines anyways... You just have to think to yourself, who thought it was a good idea to allow this to be reported this way? Keep in mind this how it reports when you have short sales, charge offs and collections and companies start closing your credit lines with them. VERY VERY CONCERNING!

[afbar1114]

So close them if i dont want them

[drsmith]

K bye!

[aussiesareforever]

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@Cesarlopez wrote:

How often do you look at credit???? Most people will tell you to MANAGE your dormant accounts. Buy something every couple of months "pack of gum" and pay it off. Allow accounts to go completely dormant and suggesting that people wait until the credit grantor has to close your account instead of just closing an account you dont want is plain bad advice. In my line off work... When someone has this on there credit... they NEVER meet our guidelines anyways... You just have to think to yourself, who thought it was a good idea to allow this to be reported this way? Keep in mind this how it reports when you have short sales, charge offs and collections and companies start closing your credit lines with them. VERY VERY CONCERNING!

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I think you are missing the point. Closing an account due to inactivity is very different from closing an account because of negative activity (charge offs, collections or short sales). The former has no bearing over your credit status and the later does. I honestly hope you realize this when you review peoples account cause that is very very concerning.

[Open123]

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@afbar1114 wrote:

i think my problom was rewards. i wanted the best to garden with. and the freedom and checking combo is awesome so i cant wait to start earning it. i still have 553 UR points left from when they had the chase debit card rewards. so  i will transfer them to freedom soon 

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You have cards from Amex, Chase, and BofA.

If it were me, I'd just focus on building my relationship with those 3 issuers.  Use them for all your spending, and pay timely.  The single most important thing is to never miss a payment, and never be late.  Just focus on that for the time being.

In a 12 - 18 months, when your inquiries no longer have an affect, you can app again; but, certainly not before then.  You just need time to charge, pay, and build a positive history with the above 3 lenders.  They'll reciprocate by raising your CLs and offering you better cards.

As to the rest of your card?  If you find no value in them, close them.  There's no reason to keep them open for the sake of keeping them open.  10 years when they drop off, just open another Amex TL to increase AAOA.  It isn't a big deal, but all things being equal, it's better to reflect "closed by consumer," eventhough it has no bearing on one's credit score.  You never know when the one manual review will find "closed by grantor" a negative regardless of your reason for doing so.

You're on your way.  The hard part is done, which is getting in the door with 3 good issuers.

[haulingthescoreup]

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@Cesarlopez wrote:

How often do you look at credit???? Most people will tell you to MANAGE your dormant accounts. Buy something every couple of months "pack of gum" and pay it off. Allow accounts to go completely dormant and suggesting that people wait until the credit grantor has to close your account instead of just closing an account you dont want is plain bad advice. In my line off work... When someone has this on there credit... they NEVER meet our guidelines anyways... You just have to think to yourself, who thought it was a good idea to allow this to be reported this way? Keep in mind this how it reports when you have short sales, charge offs and collections and companies start closing your credit lines with them. VERY VERY CONCERNING!

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Well, I have two accounts marked as "closed by grantor", both due to inactivity, and my scores are just fine, credit limits are very, very high, and I haven't been declined for anything in a long, long time.

Is it possible that in your line of work, you might be dealing with part of the consumer population that has fair-to-middling credit, where "closed by grantor" might mean something dire, enough to tip the application over to the declined side?

Even if so, if I were one of your potential customers, I'd be pretty irate if I were turned down for this reason alone. It's not uncommon for someone to app for a store card at checkout in order to get big savings, maybe use it a time or two more, and then never again, and it gets cut off. Maybe it wasn't something that a conservative user of credit would have done, but it doesn't mean that they were late or otherwise bad customers. It just means that they didn't use their card often enough to keep the lender happy, so it got cut.

A year or two ago, HSBC was closing bank cards that hadn't been used in 2 /12 - 3 months. Perfect history on the cards, just not being used often enough for their liking. This had never been told to the customers, who were very surprised to find their cards were no longer active. Again, it doesn't mean by any stretch of the imagination that they were bad credit risks.

[Cesarlopez]

Okay...

Next time I see someone with a 483 beacon 5.0 credit score I'll just try to remember that it was their choice to allow the cards to be closed by the credit companies. I really thought this board had some good advice to people until recently... But if this is the advice that is being handed out here... ?????

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@aussiesareforever wrote:

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@Cesarlopez wrote:

How often do you look at credit???? Most people will tell you to MANAGE your dormant accounts. Buy something every couple of months "pack of gum" and pay it off. Allow accounts to go completely dormant and suggesting that people wait until the credit grantor has to close your account instead of just closing an account you dont want is plain bad advice. In my line off work... When someone has this on there credit... they NEVER meet our guidelines anyways... You just have to think to yourself, who thought it was a good idea to allow this to be reported this way? Keep in mind this how it reports when you have short sales, charge offs and collections and companies start closing your credit lines with them. VERY VERY CONCERNING!

---

I think you are missing the point. Closing an account due to inactivity is very different from closing an account because of negative activity (charge offs, collections or short sales). The former has no bearing over your credit status and the later does. I honestly hope you realize this when you review peoples account cause that is very very concerning.

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[drsmith]

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@Cesarlopez wrote:

Okay...

Next time I see someone with a 483 beacon 5.0 credit score I'll just try to remember that it was their choice to allow the cards to be closed by the credit companies. I really thought this board had some good advice to people until recently... But if this is the advice that is being handed out here... ?????

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@aussiesareforever wrote:

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@Cesarlopez wrote:

How often do you look at credit???? Most people will tell you to MANAGE your dormant accounts. Buy something every couple of months "pack of gum" and pay it off. Allow accounts to go completely dormant and suggesting that people wait until the credit grantor has to close your account instead of just closing an account you dont want is plain bad advice. In my line off work... When someone has this on there credit... they NEVER meet our guidelines anyways... You just have to think to yourself, who thought it was a good idea to allow this to be reported this way? Keep in mind this how it reports when you have short sales, charge offs and collections and companies start closing your credit lines with them. VERY VERY CONCERNING!

---

I think you are missing the point. Closing an account due to inactivity is very different from closing an account because of negative activity (charge offs, collections or short sales). The former has no bearing over your credit status and the later does. I honestly hope you realize this when you review peoples account cause that is very very concerning.

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Because that's totally what he said.

Reading comprehension must not be a strength of yours.

This website's quote features are absolutely retarded. You'd think with all the money they rake in they could design something way less pathetic.

[Cesarlopez]

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@haulingthescoreup wrote:

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@Cesarlopez wrote:

How often do you look at credit???? Most people will tell you to MANAGE your dormant accounts. Buy something every couple of months "pack of gum" and pay it off. Allow accounts to go completely dormant and suggesting that people wait until the credit grantor has to close your account instead of just closing an account you dont want is plain bad advice. In my line off work... When someone has this on there credit... they NEVER meet our guidelines anyways... You just have to think to yourself, who thought it was a good idea to allow this to be reported this way? Keep in mind this how it reports when you have short sales, charge offs and collections and companies start closing your credit lines with them. VERY VERY CONCERNING!

---

Well, I have two accounts marked as "closed by grantor", both due to inactivity, and my scores are just fine, credit limits are very, very high, and I haven't been declined for anything in a long, long time.

Is it possible that in your line of work, you might be dealing with part of the consumer population that has fair-to-middling credit, where "closed by grantor" might mean something dire, enough to tip the application over to the declined side?

Even if so, if I were one of your potential customers, I'd be pretty irate if I were turned down for this reason alone. It's not uncommon for someone to app for a store card at checkout in order to get big savings, maybe use it a time or two more, and then never again, and it gets cut off. Maybe it wasn't something that a conservative user of credit would have done, but it doesn't mean that they were late or otherwise bad customers. It just means that they didn't use their card often enough to keep the lender happy, so it got cut.

A year or two ago, HSBC was closing bank cards that hadn't been used in 2 /12 - 3 months. Perfect history on the cards, just not being used often enough for their liking. This had never been told to the customers, who were very surprised to find their cards were no longer active. Again, it doesn't mean by any stretch of the imagination that they were bad credit risks.

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In my line of work we are seeing many people walking away from there homes.... Squating in them for a year and racking up the credit cards... And sometimes because of there very dire situation and lack of hope they choose to do this. However not everyone does. Many people choose to pay all their bills except for mortgage and still see their lines of credit nixed. It is very easy to read a raw report if you know what your looking for. If someone has very marginal credit and many late pays and or collections... this where a CLOSED BY CREDIT GRANTOR becomes concerning. What I'm suggesting is that is you have a high score this will almost always be overlooked and noboby cares... But when you are rebuilding this will matter.

[aussiesareforever]

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@Cesarlopez wrote:

Okay...

Next time I see someone with a 483 beacon 5.0 credit score I'll just try to remember that it was their choice to allow the cards to be closed by the credit companies. I really thought this board had some good advice to people until recently... But if this is the advice that is being handed out here... ?????

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Obviously, this is the internet. You take everything with a pinch of salt. I noticed in your previous post that you are a property manager. How much credit training was provided before you started reviewing reports? I'm very curious because I've never heard your point of view before. It would be a first for me. Tons of people are approved for mortgages with the best rates and they have had credit card accounts closed in the past due to inactivity.