"Canceled by Creditor"

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BYTech
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"Canceled by Creditor"

Postby BYTech » Sat Apr 30, 2016 9:57 pm

Hi all,

I was reviewing my credit report and I noticed I had a credit with Citi back in 2007 but it said it was "closed by the creditor". So I was wondering if that was necessarily a bad thing? It was so long ago I vaguely remember owning this card but I did not have any late payments and it was not in collection.

In this situation was it mostly likely that the card was closed due inactivity? If so, will this negatively impact me if I ever wanted to apply for Citi credit card in the future?

Thanks,
Cards:
Amex: Platinum Mercedes (5/16), PRG (4/16), Gold (4/16, will close), Mercedes Revolver (4/16), ED (4/16), SPG (5/16), Business Gold (5/16), Business Green (6/16), Business Platinum Delta (6/16), Corporate Green (6/16)
BofA: Cash Rewards (6/07)
Citi: Prestige (5/16), TY Premier (5/16)


Kevin86475391
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Re: "Canceled by Creditor"

Postby Kevin86475391 » Sat Apr 30, 2016 10:42 pm

BYTech wrote:Hi all,

I was reviewing my credit report and I noticed I had a credit with Citi back in 2007 but it said it was "closed by the creditor". So I was wondering if that was necessarily a bad thing? It was so long ago I vaguely remember owning this card but I did not have any late payments and it was not in collection.

In this situation was it mostly likely that the card was closed due inactivity? If so, will this negatively impact me if I ever wanted to apply for Citi credit card in the future?

Thanks,


As long as the card was closed in good standing, you shouldn't have to worry about getting a future card with Citi.

It also shouldn't reflect too badly on your credit report. It won't affect your credit score any differently than any other closed account would. It's possible that upon manual review a credit analyst may ask why the account was closed - but even this is fairly unlikely. If it does happen they should be understanding about an inactive card getting shut down.

Anecdotally I've had a good handful of cards closed for inactivity over the years. I don't think I've ever had an analyst ask me why a particular account was closed and it hasn't caused me any problems whatsoever.

BYTech
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Re: "Canceled by Creditor"

Postby BYTech » Sun May 01, 2016 12:28 am

okay great - thanks for the feedback Kevin. Yeah I just wanted to make sure for the future so I don't waste a hard pull.
Cards:
Amex: Platinum Mercedes (5/16), PRG (4/16), Gold (4/16, will close), Mercedes Revolver (4/16), ED (4/16), SPG (5/16), Business Gold (5/16), Business Green (6/16), Business Platinum Delta (6/16), Corporate Green (6/16)
BofA: Cash Rewards (6/07)
Citi: Prestige (5/16), TY Premier (5/16)

kdm31091
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Re: "Canceled by Creditor"

Postby kdm31091 » Sun May 01, 2016 9:19 am

The other thing is that even if it were cause for concern (which it's not), it's 9 years old and will be off your reports in the next year.

BYTech
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Re: "Canceled by Creditor"

Postby BYTech » Sun May 01, 2016 11:46 am

But wouldn't Citi bank have a record of it into perpetuity since it was their card?
Cards:
Amex: Platinum Mercedes (5/16), PRG (4/16), Gold (4/16, will close), Mercedes Revolver (4/16), ED (4/16), SPG (5/16), Business Gold (5/16), Business Green (6/16), Business Platinum Delta (6/16), Corporate Green (6/16)
BofA: Cash Rewards (6/07)
Citi: Prestige (5/16), TY Premier (5/16)

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CarefulBuilder14
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Re: "Canceled by Creditor"

Postby CarefulBuilder14 » Sun May 01, 2016 12:13 pm

BYTech wrote:But wouldn't Citi bank have a record of it into perpetuity since it was their card?

Citi (or any bank, as far as I can imagine) isn't going to care that you stopped using one of their cards years ago and they closed it for inactivity.

Sure, they will likely have a record of the old account...but it's not like they lost money on you. You didn't default on the card, and (I'm assuming) you're not constantly opening opening cards to get big bonuses and then closing or not using them.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: "Canceled by Creditor"

Postby kdm31091 » Sun May 01, 2016 1:42 pm

BYTech wrote:But wouldn't Citi bank have a record of it into perpetuity since it was their card?


They will probably have a record of it, but it wasn't a negative account. It was a card you stopped using in 2007 and went inactive. As long as the account was paid in full, they got their money, and that's all that really matters.

TXviking
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Re: "Canceled by Creditor"

Postby TXviking » Sun May 01, 2016 4:24 pm

I had a Wells Fargo Visa cancelled by the creditor because I went through a shortsale on a Wells Fargo mortgage in 2010. The shortsale dropped my score by several hundred points. Them closing that Visa credit card is not reported as an adverse item at all. It's just one more account closure.

BYTech
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Re: "Canceled by Creditor"

Postby BYTech » Sat May 07, 2016 10:03 pm

kdm31091 wrote:
BYTech wrote:But wouldn't Citi bank have a record of it into perpetuity since it was their card?


They will probably have a record of it, but it wasn't a negative account. It was a card you stopped using in 2007 and went inactive. As long as the account was paid in full, they got their money, and that's all that really matters.


Thanks Everyone for the advice. I was able to get instantly approved for the Citi TY Premier with no issues
Cards:
Amex: Platinum Mercedes (5/16), PRG (4/16), Gold (4/16, will close), Mercedes Revolver (4/16), ED (4/16), SPG (5/16), Business Gold (5/16), Business Green (6/16), Business Platinum Delta (6/16), Corporate Green (6/16)
BofA: Cash Rewards (6/07)
Citi: Prestige (5/16), TY Premier (5/16)

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CarefulBuilder14
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Re: "Canceled by Creditor"

Postby CarefulBuilder14 » Sat May 07, 2016 11:03 pm

BYTech wrote:
kdm31091 wrote:
BYTech wrote:But wouldn't Citi bank have a record of it into perpetuity since it was their card?


They will probably have a record of it, but it wasn't a negative account. It was a card you stopped using in 2007 and went inactive. As long as the account was paid in full, they got their money, and that's all that really matters.


Thanks Everyone for the advice. I was able to get instantly approved for the Citi TY Premier with no issues

What made you go for Premier?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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