"Credit Card Account Closed By Grantor's Request" = Bad?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
9 posts
PallasAthena
Gold Member
Gold Member
 
Posts: 44
Joined: Sun Oct 14, 2012 6:58 pm
Location: USA

"Credit Card Account Closed By Grantor's Request" = Bad?

Postby PallasAthena » Sat Oct 12, 2013 12:20 am

While reviewing my credit reports, I saw that my Neiman Marcus and Best Buy store credit cards were closed at the grantor's request. I haven't used either of those accounts in over two years and so they were closed by (I'm guessing that means Cap1?)

Is this "bad" for my credit score?
Dec '16 Fico: 800+
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
$0 CC debt (Disc, Citi, and WF Amex)


Obi-dan
Centurion Member
Centurion Member
 
Posts: 190
Joined: Fri Aug 02, 2013 2:35 pm
Location: Houston, TX

Postby Obi-dan » Mon Oct 14, 2013 2:19 pm

It is not bad for your score tat hey were closed by the grantor. It may effect your score eventually via AaoA but I wouldn't worry about that unless this was your only credit.
Cards:
Chase Sapphire Preferred
Marriott Rewards
Citi Hilton
Barclay Arrival
AMEX BCE (member since 95)
Chase Freedom
Discover It
Wells Fargo Platinum
Barclaycard (Apple)
Local Credit Union Visa (buy local!)


FICO Scores:
TU: 824 (Aug 2014)
Experian: 789 (Aug 2014)
Equifax: 807 (Aug 2014)

suzan20
 

Postby suzan20 » Thu Dec 12, 2013 3:36 am

This won't harm your credit score though in the long term it might be bad still you can dispute it and get it fixed it is nothing big don't be worried about it.

kwrxxx
Green Member
Green Member
 
Posts: 9
Joined: Tue Dec 31, 2013 8:31 pm
Location: Oregon

Postby kwrxxx » Mon Jan 13, 2014 5:05 pm

What is bad is non-payment, late payments, having too many open accounts, a high balance in most accounts and anything negative. By not having open accounts that aren't used being close is good for your credit in the long run. In the future if you have accounts that you do not use you should close them. Having too many open accounts is bad for your credit. In reality you should only have two or three unsecured credit cards at the most.

daniel2304
Centurion Member
Centurion Member
 
Posts: 198
Joined: Tue Dec 03, 2013 1:53 pm
Location: Dallas

Postby daniel2304 » Mon Jan 13, 2014 5:10 pm

kwrxxx wrote:Having too many open accounts is bad for your credit. In reality you should only have two or three unsecured credit cards at the most.


well, I'm not so sure about "should have only 2 or 3 cards at the most."
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

samhradh
Centurion Member
Centurion Member
 
Posts: 388
Joined: Thu Nov 21, 2013 1:13 pm
Location: United States

Postby samhradh » Mon Jan 13, 2014 8:51 pm

kwrxxx wrote:Having too many open accounts is bad for your credit. In reality you should only have two or three unsecured credit cards at the most.


This is simply not true.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

User avatar
jumbo
Centurion Member
Centurion Member
 
Posts: 363
Joined: Wed Sep 14, 2011 3:17 am
Location: IA

Postby jumbo » Fri Jan 17, 2014 11:54 am

I have not used my BananaRepublic VISA card for more than a year now. I just noticed that my credit limit was reduced from 1800 to 1000.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

mrow
Platinum Member
Platinum Member
 
Posts: 85
Joined: Sun Apr 06, 2014 9:13 pm
Location: Wilmington, DE

Postby mrow » Mon Apr 14, 2014 9:34 pm

GE backed store cards never seem to get closed. I have a Gap credit card that hasn't been used in 6 years and a Brooks Brothers card that hasn't been used in almost 4. both were only used for a single purchase. I don't even know where in the house these cards are. Both are GE backed cards and both are still open.

JamesMS
Centurion Member
Centurion Member
 
Posts: 151
Joined: Mon Apr 13, 2015 6:17 pm
Location: Fort Worth, TX

Postby JamesMS » Tue Apr 14, 2015 10:26 am

daniel2304 wrote:well, I'm not so sure about "should have only 2 or 3 cards at the most."



I completely agree. Only having 2 or 3 accounts could look bad for potential creditors, especially depending on the credit lines of those cards. In my opinion, you should have a variety of credit lines, even credit cards. While I am not saying that you should go out and apply for every card out there, you should have a variety. Myself, I have 8 cards (7 credit and 1 store).
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)



Return to “Store Issued Cards”

Who is online

Users browsing this forum: No registered users and 2 guests