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Account closed by grantor= -16 on FICO

Re: Account closed by grantor= -16 on FICO

However, thinking about it -- I dont think the inactivity closure wouldnt say closed by credit grantor... it would just say closed (in most situations). If your score issue caused the closure and that was an incorrect credit score I would escalate the concern and have them resolve it... but they would most likely require a pull on your credit to ensure the score issue was simply a mistake and not actually correct. Good luck!

Message 11 of 16
Moderator

Re: Account closed by grantor= -16 on FICO


AaroninOakland wrote:

However, thinking about it -- I dont think the inactivity closure wouldnt say closed by credit grantor... it would just say closed (in most situations). If your score issue caused the closure and that was an incorrect credit score I would escalate the concern and have them resolve it... but they would most likely require a pull on your credit to ensure the score issue was simply a mistake and not actually correct. Good luck!


To my knowledge, reason for card closure has nothing to do with the FICO algorithm.  Also if the lender initiates the close for any reason typically it will be "closed by credit grantor," but that in and of itself isn't a huge negative as it's really pretty common.  Usually the negative leading up to the closure (if it was AA) will be readily apparent to any future UW looking at the card.

 

The likely reasons for the drop:

- As someone stated, probably affected revolving utilization numbers, or possibly the ratio of number of cards showing a balance.

- Dropped the aggregate number of open revolving tradelines past some threshold (2 we think), if there's only one card on a report that generally appears to be a straight negative as compared to two.  Mix of credit calculation would be my guess on the scoring reason, or perhaps it's a bucketing issue.

 

Not certain there's too many others which rationally make sense, but a closure status code isn't one of them AFAIK.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 12 of 16
Established Member

Re: Account closed by grantor= -16 on FICO

Wasnt upset that they closed the account, was more upset that my score dropped

Message 13 of 16
Established Member

Re: Account closed by grantor= -16 on FICO

She mentioned they occassionally do a soft pull to verify that customers are up to there credit standards, or something along those lines. This mightve been done when my score was at 579.......I guess my question now is, would it be a good idea to apply for another credit/charge card? At the moment I dont have any line of credit besides my mortgage......

Message 14 of 16
Moderator Emeritus

Re: Account closed by grantor= -16 on FICO

If you only have your mortgage, you are going to need to get some more positive TLs.  Maybe a couple secured cards would help to start with.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 15 of 16
Established Member

Re: Account closed by grantor= -16 on FICO

What are some things I need to look at on my end when deciding which CC to apply for? at my current score, Id hate to apply and get denied,

Message 16 of 16