Experian statements/comments when creditors close the account

[PizzaAngel84]

Hey guys,

So I had a Justice card (store card) from Comenity which I kept active and current (paid off in full every month) until it was closed due to all of the stores and online website closing down.  An alternative was not offered.  I noticed on Experian that there is an area where I can leave a statement.  Have you guys ever provided your own statement?  I feel a little stung that I had an account closed (one of the cards I've had the longest) where it wasn't my fault.

Also - I read in the news that Victoria's Secret was considering seperating from Bath & Body Works...I'm a little worried that Comenity will pull the rug out from under me again.  At 36, I feel like I'm really late in the game of building credit and have just started to learn the ins and outs in Summer of 2020 since I am considering on moving out of state...I even purchased my first home in full with cash so that didn't really do me any good.  I opened a few retail cards to try and improve my overall credit limit (at least the new ones are not exclusive to the stores), but I'm starting to wonder if that was a mistake.  Wish I found this group sooner!  Thank you all for your help and input.

[K-in-Boston]

Since there is no negative credit history from the account being closed, there is really no need for a consumer statement.  Those will only be seen on manual underwriting anyway, and in the instance of a mortgage you would usually have a dialogue with the lender to explain anything that is questioned anyway.  If there was a reconsideration call made after being declined for a credit card, lenders aren't usually questioning why you would close an older account but if you have numerous instances of opening accounts and closing them shortly after opening that may be a red flag that you may be only opening an account with the new lender to get the signup bonus and then have no plans to ever use the card again.

Usually you would use those to clarify something like a string of late payments.  "Missed payments due to displacement after Hurricane Maria," for example, or if you are disputing the validity of the information provided and the normal dispute process was unsuccessful.

[dragontears]

Cards get closed all the time for a vast number of reasons. As KIB said, just having a card closed is not directly a negative in scoring.

No one is going to ask about that closed account nor care about a single card that says "closed by credit grantor" so personally I think a consumer statement is not warranted in this situation. 

[PizzaAngel84]

Thank you both for explaining!

[Anonymous]

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@PizzaAngel84 wrote:

Hey guys,

So I had a Justice card (store card) from Comenity which I kept active and current (paid off in full every month) until it was closed due to all of the stores and online website closing down.  An alternative was not offered.  I noticed on Experian that there is an area where I can leave a statement.  Have you guys ever provided your own statement?  I feel a little stung that I had an account closed (one of the cards I've had the longest) where it wasn't my fault.

Also - I read in the news that Victoria's Secret was considering seperating from Bath & Body Works...I'm a little worried that Comenity will pull the rug out from under me again.  At 36, I feel like I'm really late in the game of building credit and have just started to learn the ins and outs in Summer of 2020 since I am considering on moving out of state...I even purchased my first home in full with cash so that didn't really do me any good.  I opened a few retail cards to try and improve my overall credit limit (at least the new ones are not exclusive to the stores), but I'm starting to wonder if that was a mistake.  Wish I found this group sooner!  Thank you all for your help and input.

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Since VS has a VS (and I do not believe BBW has a card to my knowledge), i doubt the card will be closed because they are no longer with BBW.

This separation has been new for at least a few months and they did send a message out a while back saying that you could still use the VS card there, but I haven't tried and more recently in the account center/faqs, it does not mention that you can use it at BBW at all.

As far as remarks or adding a statement, I would not worry about it. There is no need to make a statement unless you disagree with something relating to the account that cannot be resolved or something that led to having a bad reported history with the card.

Goid luck!