ACCOUNT CLOSED WITHOUT PERMISSION

[Anonymous]

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

[Anonymous]

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

[Middleswarth]

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. 

[taxi818]

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

[taxi818]

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

[takeshi74]

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@Anonymous wrote:

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

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

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@Anonymous wrote:

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

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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.

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

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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