topic Re: ACCOUNT CLOSED WITHOUT PERMISSION in General Credit Topics

ACCOUNT CLOSED WITHOUT PERMISSION

Anonymous — Wed, 22 Oct 2014 19:25:16 GMT

Hey Ya'll,

I recently came into a situation where my oldest credit card was canceled by Sears Mastercard because apparently they had a change in terms and conditions and I didn't accept them. The account was in good standing and I've never missed a payment in my entire credit history. I'm only 22 but my latest experian score was 714. I've called them and explained the situation but the lady told me one the account is closed it cannot be reopened. I've only had this card a year but it was my oldest card and will certainly affect my credit longevity. I've read in places that even though it is closed that it could remain on my credit reoprt for years as a closed account. Is there anyway to fight this since I did not authorize the closing of this account?

Re: ACCOUNT CLOSED WITHOUT PERMISSION

StartingOver10 — Wed, 22 Oct 2014 20:18:11 GMT

@Anonymous wrote:
Hey Ya'll,

I recently came into a situation where my oldest credit card was canceled by Sears Mastercard because apparently they had a change in terms and conditions and I didn't accept them. The account was in good standing and I've never missed a payment in my entire credit history. I'm only 22 but my latest experian score was 714. I've called them and explained the situation but the lady told me one the account is closed it cannot be reopened. I've only had this card a year but it was my oldest card and will certainly affect my credit longevity. I've read in places that even though it is closed that it could remain on my credit reoprt for years as a closed account. Is there anyway to fight this since I did not authorize the closing of this account?

The credit grantor, in your case Sears mastercard, can close the account unilaterally without your permission. Read your terms and conditions of the account. You can try to go up the ladder to see if they will do a reconsideration, but really, why would you?

The account is only one year old. Let it stay closed and apply for a better card that is not a store card.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Anonymous — Wed, 22 Oct 2014 20:25:30 GMT

Sorry to hear was this accidental or intentional?

I could be wrong but I don't believe a lender needs permission to close an account, its their money after all. If you don't expect the terms and conditions they of course will close it.

Good news is the account will stay on your report for 10 years and help the AAoA. You may see a drop in score due to your overall credit being reduced. But that will depend on how much of your available credit is being used. I'm no expert so someone correct me if I'm mistaken.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Simply827 — Wed, 22 Oct 2014 20:26:54 GMT

Nope, you're right OpenG.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

taxi818 — Wed, 22 Oct 2014 20:46:24 GMT

Keep in mind in essence. this is a loan from them to you. not you to them. they don't need your permission to close account. which means.they can close it for no reason at all as they are the lendor. they did give you a chance to accept new Tand C which you admit. you failed to do. hence. closed. ooh. well. your entire credit life is still young. what 4 years?. you live and learn. just reopen the account. maybe try and speak to supervisor. and see if they sympathize. if not. just re apply and hope for the best. as this is citi. the bank behind sears. your chances are slim for reopening. good luck however.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

taxi818 — Wed, 22 Oct 2014 22:24:57 GMT

@Anonymous wrote:
Sorry to hear... I work for a company called Better Qualified, we help people get negative items removed off of their credit report. Our website is www.betterqualified.com People sign up with us for that exact reason that they dont want to wait the 5 to 9 years a negative item stays on your report, through us it will come off within 3 to 6 months. I this is something that mite be able to help you, feel free to email me at Devraun@gmail.com

Did you actually read his post?? or did you come here to sell your services.

most of us here know about the garbage most removers will do. spam the hell out of the creditor with the hope they will remove.

please. i think it is forbidden to solicit here. so please sir. go away with that trash.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Middleswarth — Wed, 22 Oct 2014 22:38:55 GMT

@Anonymous wrote:
Definetl read post, He said he was worried about it effecting his credit long term because items stay on report for many years, so i let him kno that im with a company that can help him remove it off of his report.....We also dont spam creditors, i dont know where you got that info. Whats wrong with giving someone an option that can help??? Why are you so mad????

So exactly why would anyone want a positive account removed from their report???? I hope this is not the advice you give to paying customers (assuming you have any).

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Anonymous — Wed, 22 Oct 2014 22:41:15 GMT

+1
Was about to post the same, glad someone did.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Anonymous — Wed, 22 Oct 2014 22:59:09 GMT

Its a closed acct nothing wrong with it. People close accts all the time. Half the accts I have are closed. Closed by lender is what it will say if it was a positive acct it will stay that way for 10 years.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Middleswarth — Wed, 22 Oct 2014 23:02:08 GMT

I hope the 12 people understand that a closed card stays positive for 10 years because you apparently do not.

Take some time and read before you answer (or, in your case, before you spam).

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Anonymous — Wed, 22 Oct 2014 23:04:39 GMT

Thank you all for the responses. Can someone explain the overall effects of a closed card because everyone seems to be mixed?

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Anonymous — Wed, 22 Oct 2014 23:05:20 GMT

And I am not interested in hiring a credit agency over a closed account but thank you for your time

Re: ACCOUNT CLOSED WITHOUT PERMISSION

Middleswarth — Wed, 22 Oct 2014 23:12:45 GMT

The closed card will stay on your report for up to 10 years. It will help with your average age of accounts and will not be scored as a negative. The only issue you could have is your overall utilization may go up due to having less credit available. That is a temporary issue since your scores will recover once your utilization drops again.

Bottom line is don't worry about it.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

taxi818 — Thu, 23 Oct 2014 00:04:16 GMT

I'm not mad. Not sure you saw he was talking of good account.

Re: ACCOUNT CLOSED WITHOUT PERMISSION

taxi818 — Thu, 23 Oct 2014 00:07:34 GMT

Yes. Looks like confusion going on. But anyway. Well all know about good will letters. Pay for deletes. And all the things. Agencies do. Unless your company has magic wand. I'm curious. What exactly do you do that's so special? Is it free to help average joe? I'm sure it's not

Re: ACCOUNT CLOSED WITHOUT PERMISSION

takeshi74 — Thu, 23 Oct 2014 12:27:58 GMT

@Anonymous wrote:
I've only had this card a year but it was my oldest card and will certainly affect my credit longevity.

That is incorrect. As stated above, AAoA is not impacted until the closed account falls off your reports. This is typically ~10 years.

@Anonymous wrote:
Is there anyway to fight this since I did not authorize the closing of this account?

Nope. You didn't agree to the change in terms and should probably review the original terms you agreed to. They have no obligation to reopen the account. Definitely pay attention to the stuff that your creditors send you about your accounts.

@Anonymous wrote:
Can someone explain the overall effects of a closed card because everyone seems to be mixed?

As with anything you need to consider your sources, validate, corroborate, etc.

There's a sticky for that. This is linked in the Helpful Threads sticky in the Credit Cards subforum.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true