account closed by grantor

[Anonymous]

Hello to all,

I am wondering if anyone know if an account which was closed by the credit grantor many years ago (5 or 6) can ever become listed in the positive column?  Or does it always remain as a negative account ?  I have other accounts that note the date they are scheduled to go into a positive status (on free annual credit report) , in other words it seems as if a late payment which ages to the seven year period is dropped from the history and then the account go from potentially negative to positive   However, I notice on the account which was closed by grantor there is no notation that the account will ever move to the positive account status.

 I have been paying on this account trying to get the balance to zero for at least 6 years.  Does this account always remain in the negative since it was closed by grantor. I know that the payment history currently factors into fico as I unfortunately had a 30 day late post about 8 months ago and my fico definitely took a hit for that.  Does anyone have any insight?

Thanks,

[Miner]

Once all the lates are gone off the closed account, it should be a positive thing and not a negative thing.  Plus when the accounts that old, it usually helps the average credit age.

[athensguy]

Closed by Credit Grantor is not a negative notation, so it doesn't hurt your score.

[Anonymous]

Any advice to negotiate a "closed by credit grantor account"? About seven years ago I had many lates and the account was closed by creditor.  The rate is pretty steep (+25%) and the balance is still pretty high 7400.00 . Credit line originally 7800 ....never purchased anything to go over but lates ond over the limits brought it to 10,000 at one point.  No charges made in more than 7 years ( only payments) . I would like to get a balance reduction or at the very least a reduction in interest rate.  At the rate I have been able to make progress on the account it will take me tweve more years to pay it off.  Do I have any clout with the upcomming consumer credit card protection act?  This is certainly prolonged indebtedness.....

I know the obvious would be to tranfer to another card it's just not an option now need to get credit in more "sterling" position. Are creditors allowed to impose any terms they like on closed accounts?

Thanks

[smallfry]

Closed by credit grantor is not always negative. I had quite a few accounts that were not included in my BK as there was no balance due. Once the creditors got wind of the BK they did however close the accounts. They read closed by credit grantor. You can see this notation if an issuer closes your account due to inactivity so it doesn't have to be negative although the listing does look a bit funky when you first look at it.