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Closed by grantor

kasowell
Regular Contributor

Closed by grantor

 I had  2 accounts with Merrick Bank. One was a plain account and the other the Hooter's Master Card. They closed both of them saying that I had too many newly opened accounts. Actually I haven't opened any accounts but if they don't want my money i have plenty of other people that do, My question is one of those accounts had a balance that I am unable to pay off before it reports as closed. How will being closed with balance affect my credit score?
 
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2 REPLIES 2
FretlessMayhem
Senior Contributor

Re: Closed by grantor

I used to think otherwise until someone corrected me, but I believe that if your account is reported as closed but with a balance, its individual util will still be scored the same as it would be if the TL is open.

 

Fused wrote a good thread on this: http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125

Message Edited by FretlessMayhem on 12-10-2008 09:28 AM
Here we go again...
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llecs
Moderator Emeritus

Re: Closed by grantor

I'm sorry that happened to you. DW also has the Merrick CC and recently opened 3 new CCs to replace some her rebuilder cards. Now if they cancel the card we won't cry about it. I don't think her $750 CL will advance too far.
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