Closed by credit grantor vs consumer request

[nickcredit]

IF an account is to be closed which is better? 

Closed by Credit Grantor 

or

Closed by Consumer Request

[MarineVietVet]

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@nickcredit wrote:

IF an account is to be closed which is better? 

Closed by Credit Grantor 

or

Closed by Consumer Request

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At one time there was a negative connotation to "Closed by credit grantor" but this has changed. They are looked at the same.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[nickcredit]

Understood. 

So the only negative impact to credit lines being closed (by either grantor or consumer) is the lowering of available credit and the average age of collective accounts. Beyond that there is no impact? (To clarify, I'm referred to lines in good standing with no balances)

[llecs]

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@nickcredit wrote:

So the only negative impact to credit lines being closed (by either grantor or consumer) is the lowering of available credit and the average age of collective accounts. Beyond that there is no impact? (To clarify, I'm referred to lines in good standing with no balances)

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If the closed account is a CC, and the balance is $0, then it is forever removed from utilization calculations. If there's a balance after it is closed, then it still factors into util.

Closing any account won't have an impact on your Average Age of Accounts (AAoA) because all OC accounts, open or closed, good or bad, are factored into AAoA. Once closed, it'll still report for up to 10 years. Now at the end of 10 years, its demise could impact AAoA at that point.