Closed by Creditor -- how bad is this?

[Anonymous]

So, to update on my BBVA AMEX thread closure from last month -- got a call today from the VP who worked with me before, told me that the card is now cloosed and paid in full, will report CLOSED/PAID AS AGREED $0.00 balance -- but closed by BANK.  Something avout the type of closure it was, by "security" BS Dept -- but stated it will not affect my FICO at all or report.  Is this true?  Can lenders see this when they do their monthlt SPs??  

I am worried about AA if that is spotted, espoecially as it was only open a month!!!  This bank is to be steered clear of -- reports of this alllll over CPFB!!  I am SO GLAD to be done with them overall :-)  

I just want to make sure this new account reporting as closed / paid in full by bank will not affect my score -- it hasnt even repoorted yet at all!!  So when it does, itll be reporting as a new but CLOSED account, but paid in full.  So obnoxious this bank is -- but like I said, a blessing in disguise from what i've read!!  Weigh in gurus!

[TrialByFire]

I don't think one account with the notation "closed by credit grantor" will hurt you at all or even make your others banks so much as blink

[Anonymous]

---

@Anonymous wrote:

So, to update on my BBVA AMEX thread closure from last month -- got a call today from the VP who worked with me before, told me that the card is now cloosed and paid in full, will report CLOSED/PAID AS AGREED $0.00 balance -- but closed by BANK.  Something avout the type of closure it was, by "security" BS Dept -- but stated it will not affect my FICO at all or report.  Is this true?  Can lenders see this when they do their monthlt SPs??  

I am worried about AA if that is spotted, espoecially as it was only open a month!!!  This bank is to be steered clear of -- reports of this alllll over CPFB!!  I am SO GLAD to be done with them overall :-)  

I just want to make sure this new account reporting as closed / paid in full by bank will not affect my score -- it hasnt even repoorted yet at all!!  So when it does, itll be reporting as a new but CLOSED account, but paid in full.  So obnoxious this bank is -- but like I said, a blessing in disguise from what i've read!!  Weigh in gurus!

---

It won't affect your score and a single account that says closed by creditor will not affect your credit even upon manual review.

[Anonymous]

Even a manual review by a mortgage lender won't care. Cards are closed by banks all the time through no fault of the borrower.

No worries!

[Anonymous]

Thank you ALL!!!!!  This is what i was hoping to  hear!!!!!

[ddemari]

Bank of America closed my visa earlier this year with a balance on it. Has not affected me from getting way superior cards.

[Anonymous]

Why did BofA cancel your card ??? What happened if you don't mind me asking - got an Alaska air with them last month. Heard some stories !

[ddemari]

They closed my card for aggressive credit seeking. Letter had my FICO score in the 720s, excellent payment history and long relationship with boa. But I was "agresively" opening cards so I wouldn't worry unless you open like 15-20 cards lol.

[creditguy]

As others have stated it won't be a big deal at all, even if it did, in a manual review once the UW see's BBVA they will probably understand and give you sympathy points. ( Of course I just totally made that up, but hey who knows? ) Seriously though, don't sweat it, You have a nice file with nice cards that truly represents who you are to lenders. 

[Anonymous]

Thanks credit guy!!! You rock.

And Ddemari sorry to hear that. Banks can be so overzealous !!!! I did just open about 6 cards in the past 60 days (theirs included, 2 Amex, USAA and my CU). Hoping for no AA. Lol.