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Could having this TL removed effect my score?

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ji9
Regular Contributor

Could having this TL removed effect my score?

Looking for some thoughts on this situation.

While recovering from BK we starting getting preapproved offers.  Most were high AF with low limits so I kept waiting for an offer that was decent.  Finally this past April got a preapproval from HSBC for $1000CL with AF of $49 so took it 

June 2011 went to use the card for the first time and it was declined.

Called HSBC and they said they had closed the account because we had recently converted our old CH13 BK to a CH7.   Explained to them that this was not a new filing and was an end to the BK we had been in since Jan 2009.  Didn't matter, they closed the account and refunded me the $49 AF.

Got our CR for the first time in October and am now rebuilding.  Shows the HSBC account as opened in May, paid on time but closed by the credit grantor.  it is not a "negative" on our report.

In October I opened a CapOne card since we had no CC's and need to rebuild.  Before the CapOne card reported MyFico reports on here said that having no credit was hurting our socres.

Now that the CapOne card is reporting the score did go up a good amount BUT it is also saying a negative that we are seeking credit and have too many inquiries now (3 in the past year).

Should I GW HSBC and ask them to remove the entire TL and the inquiry?  Would that help or hurt our situation?  2 of the 3 inquires will be over a year old this coming May.   Any thoughts would be appreciated. 

 

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 1 of 5
4 REPLIES 4
pizzadude
Credit Mentor

Re: Could having this TL removed effect my score?

 

The "closed by credit grantor" shouldn't really be considered a negative, at least it won't ding your score.

 

I would just leave it alone, the only damage the TL is doing is possibly lowering your AAoA.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 5
IOBA
Senior Contributor

Re: Could having this TL removed effect my score?

I think you should leave the TL on your report.  It's not a negative.  It's a positive!  Even closed, it helps.  Smiley Happy

 

FICO considers more than 2 inquiries in a 6-12 month time period to be too many.   They really prefer more than 6 months in between inquires.   Don't sweat the comments.   

You remember in school, when you had to write reports and they had to have so many points or words?   And you are scratching your head asking what else can you say.   You are two words short?  So you write - The End.

 

Think of the FICO reasons as the same.  They always seem to come up with three things, no matter what.  Sometimes they claim all of my accounts are too new...or my oldest account is not old enough.  Uh...my oldest account is just over 28 yrs old.   How is that not old enough??  *shaking my head*   They look for something to make their quota.  

 

I would advise NOT apply for any more credit though.  Smiley Happy

Message 3 of 5
RobertEG
Legendary Contributor

Re: Could having this TL removed effect my score?

+1

My understanding of the comments is that they are primarily for use by those who deny you credit, and must provide a reason if their decision was based on your CR.

 

When used in the normal course of accompanying a CR, they are unspecific, and normally dont mean much.

Message 4 of 5
ji9
Regular Contributor

Re: Could having this TL removed effect my score?

Thank you very much for the responses.  I guess I will just leave it alone.  Smiley Happy

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 5 of 5
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