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@Anonymous wrote:Sorry to hear that happen 12. As much as I want to minimize my accounts I so love hearing from all of you on the oppisite spectrum. I appreciate not just the resource you guys provide with data points but can respect your enthusiasm for growth.
@Anonymous wrote:With as many accounts as OP has, is it very likely that other creditors will pay very much attention to CLDs on three accounts? I wonder.
Is it firmly established that Barclaycard (or any lender) won't report CLDs that happen shortly before accounts are closed?
I know AA can happen for all sorts of reasons, but a few CLDs strike me as less attention-grabbing than aggressive credit seeking.
There's also the possibility that three accounts closed within a very short period of time would look bad to some lenders, even if marked as closed by consumer.
OP, you can also transfer the remaining limits to one card and keep that open.
I get where you coming from but I would be worried that if they have taken this step they may close the accounts with a balance reporting. No matter how low overall utilization is that would be an account at 100% utilization which can really hurt until reported paid.
They may do that but remember, I've already done a BT so it may report for one month closed with balance but that's it.
12njoy, I think you're making the right call to just close the accounts on your terms. I know it doesn't make a difference, but I never liked seeing "closed by lender" anywhere on my reports either. I doubt it would come to that (I'd like to think they wouldn't CLD and would just close the account), but even seeing a limit drop might raise other lenders eyebrow. Look on the bright side you have that TD Aeroplan card I'm super jealous of
Definitely not trying to push advice. I've just never had a clear understanding of the whole "closed by borrower beats closed by lender" debate.
@12njoy wrote:
@Anonymous wrote:Sorry to hear that happen 12. As much as I want to minimize my accounts I so love hearing from all of you on the oppisite spectrum. I appreciate not just the resource you guys provide with data points but can respect your enthusiasm for growth.
@Anonymous wrote:With as many accounts as OP has, is it very likely that other creditors will pay very much attention to CLDs on three accounts? I wonder.
Is it firmly established that Barclaycard (or any lender) won't report CLDs that happen shortly before accounts are closed?
I know AA can happen for all sorts of reasons, but a few CLDs strike me as less attention-grabbing than aggressive credit seeking.
There's also the possibility that three accounts closed within a very short period of time would look bad to some lenders, even if marked as closed by consumer.
OP, you can also transfer the remaining limits to one card and keep that open.
I get where you coming from but I would be worried that if they have taken this step they may close the accounts with a balance reporting. No matter how low overall utilization is that would be an account at 100% utilization which can really hurt until reported paid.
They may do that but remember, I've already done a BT so it may report for one month closed with balance but that's it.
I can see you have taken all the steps. I know you you and many others here have forgotten more than I know about credit. I was just pointing to a reason why the steps you have done are the best course of action.
@Anonymous wrote:Definitely not trying to push advice. I've just never had a clear understanding of the whole "closed by borrower beats closed by lender" debate.
I have to agree. There are several voodoo mottos going around about credit. The difference between who closed the card? is one of them. And I don't think it makes any difference at all.
@ddemari wrote:
Barclays AA on SallieMae for me I was able to get reinstated but it was a lot of phone and browsing beating me. No CLIs on any of the cards for me, hard pull always decline and never never auto. But they did instant approve me for LL BEAN visa last month.
I'm really confused now, they AA you and made you beg for reinstatement and you got another card with them.
Why? It's not that great of a card vs what you currently have.
@Anonymous wrote:Definitely not trying to push advice. I've just never had a clear understanding of the whole "closed by borrower beats closed by lender" debate.
It's possible that may make a difference on a manual review of a credit application down the line
@NRB525 wrote:
@Anonymous wrote:Definitely not trying to push advice. I've just never had a clear understanding of the whole "closed by borrower beats closed by lender" debate.
I have to agree. There are several voodoo mottos going around about credit. The difference between who closed the card? is one of them. And I don't think it makes any difference at all.
Thanks for your info I have two questions if you don't mind. When your accounts were closed with a balamce reporting did they slash your limit to the amout you owed or did it list closed with original limit? Do they update the balance on the account like it was opened or does it show balance at closure?
@B335is wrote:12njoy, I think you're making the right call to just close the accounts on your terms. I know it doesn't make a difference, but I never liked seeing "closed by lender" anywhere on my reports either. I doubt it would come to that (I'd like to think they wouldn't CLD and would just close the account), but even seeing a limit drop might raise other lenders eyebrow. Look on the bright side you have that TD Aeroplan card I'm super jealous of
Thanks B335. It seems that anytime I post something, it turns into a great debate. I respect everyone's opinion but in the end we make our own decisions. You know that TD Aeroplan was some kind of fluke which I'll never understand how that happened.