What to do?? Cut up cards?

[trusty]

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@Anonymous wrote:

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@trusty wrote:
FYI: Letting a creditor close an account may show up as, "Closed By Creditor," or, "Closed By Credit Grantor," on credit reports.

This indication is not ideal, when an underwriter does a manual review of credit. It indicates Adverse Action, which is cause for concern.

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All credit grantors know that accounts are often closed from lack of use. It is not considered adverse, lacking any other derogatory info.

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I'm sorry, I wasn't aware that there was a, "closed from lack of use," distinction on credit reports.

Regardless, "Closed By Credit Grantor," is absolutely considered Adverse Action.

If it is reported in some other way, or if a creditor decides to ignore that notice... than great.

But, being proactive is almost always better than just holding on to hope.

[jesseh]

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@Kree wrote:

the statements were sent to my home address (I was away at college), and my Mom called me up furious, she was certain that I had gotten some girl pregnant and was buying a wedding ring.

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Haha, that's funny. Thanks for sharing 

[Anonymous]

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@trusty wrote:

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@Anonymous wrote:

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@trusty wrote:
FYI: Letting a creditor close an account may show up as, "Closed By Creditor," or, "Closed By Credit Grantor," on credit reports.

This indication is not ideal, when an underwriter does a manual review of credit. It indicates Adverse Action, which is cause for concern.

---

All credit grantors know that accounts are often closed from lack of use. It is not considered adverse, lacking any other derogatory info.

---

I'm sorry, I wasn't aware that there was a, "closed from lack of use," distinction on credit reports.

Regardless, "Closed By Credit Grantor," is absolutely considered Adverse Action.

If it is reported in some other way, or if a creditor decides to ignore that notice... than great.

But, being proactive is almost always better than just holding on to hope.

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Its not rocket science. OK, you're reviewing someones report. An account says "closed by credit grantor", and the previous six months of payment history show $0 balances, $0 high balances and $0 payments. Whats your conclusion? Mine would be that the account was simply closed for lack of use.

[marty56]

Many store cards are backed by the big guys so I would close them and try to use them once in awhile since it may open doors down the road with the backing CCC.  A 500 CL CC many not seem much these days but in my credit dark days that's all I had.   There is never any FICO reason to close a CC, all are helping and unless they carry a MF or YF  there should be no stress having them.