@flan wrote:
@drkaje wrote:@ Flan,
There's no scoring difference if an account says "Closed by consumer".
I wrote it looks better, meaning if someone does a manual review. Considering the CRAs have a code for everything, I'd be willing to bet computers can tell during applications.
There are all sorts of reasons that a creditor will close an account. One is that they decided the customer was likely to be a deadbeat, and was a risk. Others are the customer wasn't profitable enough, the customer was a pain to deal with, was no longer in the target market for a product, they dropped the product, the customer switched to different version. I doubt it makes a difference to manual review, either. The only case it might is dealing with that particular creditor, but they're likely to remember they were planning on closing the account.
Creditors balance chase because they think they're too likely to not get repaid. The money they've lent you already is sunk, but by lowering your limit to essentially the balance, they keep from losing any additional money on you. What, in particular, you did to make them think that is hard to say. Running a balance for too long, on too many accounts is one thing. Missing payments (if they show up as 30 day lates, even at other lenders) can too, So can anything else that makes their analytics system think you are a risk (like a drop in credit score from a tax lein?).
You're correct! I'd just rather it look like the account was closed under my own terms and not give anyone an opportunity to speculate. 
In OP's case, She's being balance chased away from GE to the point where next month's interest may actually result in an over-the-limit fee. That's just not a relationship I'd want to be involved in. GE is a decent enough company and their cards aren't terribly difficult to get so there's really no harm in closing the account. OP is still on DH's nearly maxed-out card but that's another issue.
Starting Score: 675
@drkaje wrote:
@flan wrote:
@drkaje wrote:@ Flan,
There's no scoring difference if an account says "Closed by consumer".
I wrote it looks better, meaning if someone does a manual review. Considering the CRAs have a code for everything, I'd be willing to bet computers can tell during applications.
There are all sorts of reasons that a creditor will close an account. One is that they decided the customer was likely to be a deadbeat, and was a risk. Others are the customer wasn't profitable enough, the customer was a pain to deal with, was no longer in the target market for a product, they dropped the product, the customer switched to different version. I doubt it makes a difference to manual review, either. The only case it might is dealing with that particular creditor, but they're likely to remember they were planning on closing the account.
Creditors balance chase because they think they're too likely to not get repaid. The money they've lent you already is sunk, but by lowering your limit to essentially the balance, they keep from losing any additional money on you. What, in particular, you did to make them think that is hard to say. Running a balance for too long, on too many accounts is one thing. Missing payments (if they show up as 30 day lates, even at other lenders) can too, So can anything else that makes their analytics system think you are a risk (like a drop in credit score from a tax lien?).
You're correct! I'd just rather it look like the account was closed under my own terms and not give anyone an opportunity to speculate.
In OP's case, She's being balance chased away from GE to the point where next month's interest may actually result in an over-the-limit fee. That's just not a relationship I'd want to be involved in. GE is a decent enough company and their cards aren't terribly difficult to get so there's really no harm in closing the account. OP is still on DH's nearly maxed-out card but that's another issue.
I agree and didn't even think of the over the limit fee. I'm really reconsidering the cards I have with GE. The only AU card I have is Sears and its not my DH's it's my parents. They just had some unexpected repairs due to a hurricane. Hopefully it will be paid back soon. I've been trying to get them to go for a CLI, but they wont- so I'm stuck until its paid off. The others are soley mine.
@HeilFico wrote:A CLI would be hard to obtain with that balance. Next time they should ask for it before using the card. Hopefully they pay it down soon as it will be a boost for your profile.
From what's been posted, you're probably a lot closer to the 710 target score than it would appear on the surface. It's more a question of what pain changes you're willing to endure.
If you need 710 for a specific purpose, soon: Ditch cards that are AU maxed-out or being balance-chased, cut CC spending, and pay before statement cuts. Once the tax thing is cleared up (or maybe before) you'll be golden. Parents can easily add you back to the Sears card once it's paid off.
Flan and others may disagree about "Closed by consumer" vs. "Closed by guarantor" but believe most would agree maxed out cards drag down FICO scores. I have $40K+ in limits but still get dinged whenever a previously $0 balance card posts $10, LOL!
@myjourney wrote:
@I-got-it-finally wrote:GE Strikes again....
Just CLDed my Walmart card! I've got a whole SEVEN dollars! ... I guess Lord and Taylor, TJmaxx and Banana Republic are sure to follow. Time for an appeal letter or a letter of complaint!
I feel so victimized! Score is dropping like its HOT!
Should I write a letter to the EO , if so any ideas ? I feel like screaming I'm MAD as HELL and I'm not going to TAKE it Anymore!
Sorry to hear hang in there and by strong
Thanks my journey.. not sure what do do... I just cant go back to where I was.... Im working too hard...
Any sage advise
@I-got-it-finally wrote:
@myjourney wrote:
@I-got-it-finally wrote:GE Strikes again....
Just CLDed my Walmart card! I've got a whole SEVEN dollars! ... I guess Lord and Taylor, TJmaxx and Banana Republic are sure to follow. Time for an appeal letter or a letter of complaint!
I feel so victimized! Score is dropping like its HOT!
Should I write a letter to the EO , if so any ideas ? I feel like screaming I'm MAD as HELL and I'm not going to TAKE it Anymore!
Sorry to hear hang in there and by strong
Thanks my journey.. not sure what do do... I just cant go back to where I was.... Im working too hard...
Any sage advise
Keep working on the tax thing and lowering UTL a letter might help but GE seems to be getting ready for the IPO sale so its hard to say how much affect it will have but the success of this forum is based on one person having success and then telling others.....
So give it a try and become the trailblazer and I truly hope you comes back with a success story
Whatever you do don't get discouraged and keep moving forward it's just another small thing that you will overcome and become better because of it
Nothing to add as far advice that hasn't been said, but just wanted to add a little more enouragement. Keep your head up, it's nothing you can't fix!
