Acct closed by consumer vs. Acct closed by credit grantor !

[waqaszm1]

received a fico alert today where the only thing changed was the account status from closed by credit grantor to closed on consumer's request ! and a four point increase in my fico score -

i was under the impression that either designation would have no bearing on my fico score - now i am a bit confused; maybe it does have a bearing however minute ..

[BungalowMo]

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@waqaszm1 wrote:

received a fico alert today where the only thing changed was the account status from closed by credit grantor to closed on consumer's request ! and a four point increase in my fico score -

i was under the impression that either designation would have no bearing on my fico score - now i am a bit confused; maybe it does have a bearing however minute ..

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That was my understanding as well, but if there is a difference, I want to know too.  I recently closed my Credit One acct & they report as closed by grantor.  If I can get a few more points for them to make it right...I want them!

Subscribed to thread....

[Anonymous]

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@waqaszm1 wrote:

received a fico alert today where the only thing changed was the account status from closed by credit grantor to closed on consumer's request ! and a four point increase in my fico score -

i was under the impression that either designation would have no bearing on my fico score - now i am a bit confused; maybe it does have a bearing however minute ..

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How much time had passed between your last score alert?

[smallfry]

Your score didn't go up because the account closure was changed to by consumer. Might look better on manual review. Might.

[marty56]

Most of my older CC accounts were closed in DMP so they show that comment.  It didnt seem to make a difference when the creditors I applied with since DMP.  IMHO I would be suprised if they even looked at it.

[Junejer]

+1

Something else must've changed between your last score update and this.

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smallfry wrote:
Your score didn't go up because the account closure was changed to by consumer. Might look better on manual review. Might.

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[AndySoCal]

The main difference is who is the one closing the account. The granter is the creditor who closed the account the other half is obvious.  Also how long ago had the account be closed before it was changed to closed by consumer ? I presume this was a revolving account.

[haulingthescoreup]

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AndySoCal wrote:
The main difference is who is the one closing the account. The granter is the creditor who closed the account the other half is obvious.  Also how long ago had the account be closed before it was changed to closed by consumer ? I presume this was a revolving account.

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Whichever it was, it doesn't matter for your FICO scores.

The FICO scoring algorithms don't consider the notations "closed by grantor" or "closed by consumer."

As others mentioned, it may or may not bother future lenders. My feeling is that so many accounts have been closed by lender in the last two years for no discernible reason that the designation is practically meaningless as a warning to future lenders.

[Anonymous]

+1

The benefit to the change is that if you undergo a manual review, this may be viewed slightly better because you closed an account, no you had an accounted on you.

[AndySoCal]

The reason for the question was depending on the account history the re-reporting of the account might have affected the score. I am well aware the closed by indicator has affect on the FICO score. I agree mostly likely the cause of the score drop was due something else. Closed by Grantor in some cases NOT all indicates that due to the account history by the grantor. It is unusual to have the account re-report with that change causing the re-reporting.