How much is this closed account going to affect my score. They closed it due to being inactive, but who really keeps using this card on a regular basis. They said it will appear as Credit Line Closed- Closed by Credit Grantor. 
Im trying to build my credit and now this just slapped me in my face.
Im trying to build my credit and now this just slapped me in my face.
leogirl88 wrote:
How much is this closed account going to affect my score. They closed it due to being inactive, but who really keeps using this card on a regular basis. They said it will appear as Credit Line Closed- Closed by Credit Grantor.
Couple of things to read: first, read fused's Closing Credit Cards. Then, if you haven't already, read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)
Do you have balances that show on your reports? (even if you pay in full after getting statements) If so, having the card closed might hurt if your util increases. It all depends on how much other credit you have, and how big of a credit line you had on the closed card.
The history should continue to report for 10 years, so unless it was far and away your oldest account, it probably won't hurt that much a decade from now when it falls off your reports.
The "closed by grantor" designation does not affect your scores in any way. If a future lender questions you about it, just say that GEMB closed the card for lack of usage. No biggie.
