Multiple credit card accounts from the same bank.

[Anonymous]

I had a credit card that was a regular Visa card. I asked for a credit increase and they said that its available but only on their Gold Visa. From gold I went to Platinum visa for the same reason. On my credit report it says that I closed by consumer for the regular and Gold Visa. I talked to the bank and they said that I closed it myself. So they're really no help. Should I talk to Equifax to have this removed? Do I have a strong case to have the account changed to "Account closed by creditor"?

[Anonymous]

I do believe "closed by consumer" is a much better notation than "Closed by credit grantor".  "Closed by credit grantor" may raise some eyebrows on manual review...That is not usually a good thing.

"

[Anonymous]

No, no, "closed by consumer" is good.  Closed by creditor is Bad because future prospective creditors don't know why.  Just make sure the creditor transferred your payment history to the new card.

[fused]

Scoring wise it doesn't matter how a closed account is notated. If a potential lender does a manual review of your credit it might raise some questions though. Having three accounts reporting instead of one will hurt your scores some because each account re-ages your file and this shortens your "average-age" of accounts.

[Anonymous]

having 3 good accounts is worst then 1 good one????

[Anonymous]

How old is your oldest account?
How many accounts do you have?

Sometimes 2 closed and 1 open can help your credit more than just 1 open, sometimes it can hurt. It all depends on your average age. Please let us know how many accounts you have total and when you first opened all of them. Then we can tell you if this is a good - nutral - bad situation.

As far as
"closed by creditor" OUCH! that's bad.
"closed by consumer" ==> good!

If you just got your first cards in the past 6 months and have no other accounts the closed accounts can be helpful long term.

Message Edited by ilovepizza on 01-15-2008 12:12 PM

[Anonymous]

My oldest account is 07/01 (which is one of the closed account).It was closed on 03/02.

But the one that replaced it has the history there.

I have 10 open revolving accounts, 6 with balances.

I have a total of 24 accounts on my Equifax report.

1 auto loan

9 student loan accounts (3 with balances). I consolidated my loans.

I'm utilizing about 75% of my credit limit and I'm working to get out of debt.

Message Edited by Stomper on 01-15-2008 01:09 PM

[fused]

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garrett_ wrote:
having 3 good accounts is worst then 1 good one????

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I will rephrase what I posted earlier. I didn't say having 3 good accounts is worse than having 1 good one. I was merely trying to point out that the OP had two accounts added to his credit file and this

re-aging will hurt his scores for some time.

[Anonymous]

Ok, with 10 rev accounts, 24 total and oldest being from 2001. I agree with Fused.

Personally I would request from the lender to move your history from the closed accounts to the new open account. Modify the date on the new opened account to the date of the first card, and remove the other 2 cards from your CRs.

You need to contact your lender and see what they will do for you. Dispute is always an option but you need the date and history to carry over to the new card and only the account lender can do that for you.

The point loss is (just a guess) probably just 1-3 points from re-aging. Let us know what you choose and what happens. Careful how you do this. If one of these 3 accounts are older and you get it deleted with out the new one reflecting a newer age it could backfire. If all 3 are listed as recently new, no worries.

Message Edited by ilovepizza on 01-15-2008 01:53 PM

[Anonymous]

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@Anonymous wrote:
My oldest account is 07/01 (which is one of the closed account).It was closed on 03/02.

But the one that replaced it has the history there.

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Wait a minute. If I read correctly, you said your oldest accounts history was closed and moved to the new card? Do all 3 show the same history?

=> Do all 3 cards show the same opening date too? This could be your lucky day. If that's the case do not delete.

Message Edited by ilovepizza on 01-15-2008 01:58 PM