Closed by Consumer or Creditor?

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Replied by Meya on topic Re: Closed by Consumer or Creditor?

Credit cards (of any kind) which is closed by consumer does not look bad at all, and as a matter of fact, none of mines impacted my scores at all. Some primed banks does not want to see consumers with a lot of credit and if you closed some, it makes them feel that you are on top of your credit by not wanting too much, or you probably felt that you had no use for the card. When it is closed by the creditor, that makes them raise a question. Either way it goes, no matter who closed the account, as long as it did not have any neg reports on it, I would not trip at all.
10 years 4 months ago #1

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Replied by hjm331 on topic Re: Closed by Consumer or Creditor?

That's why I said it wont hurt your scores. :cool:
10 years 4 months ago #2

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Replied by charonh on topic Re: Closed by Consumer or Creditor?

I read in FAQ on myfico.com that it doesn't matter whether it says closed by consumer or creditor and that fico factors it the same way.
10 years 4 months ago #3

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Replied by hjm331 on topic Re: Closed by Consumer or Creditor?

It won't hurt your scores but when a credit analyst looks at your credit report, they will scratch their head. However, most credit analyst if not all will be aware that the creditor went out of business so they won't hold it against you.

If it says "closed by consumer", don't dispute it, just let it go.
10 years 4 months ago #4

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Replied by ohwoody on topic Re: Closed by Consumer or Creditor?

I know the difference between the two. I was just asking which is better for you & your credit report. I appreciate your response.


ohwoody
10 years 4 months ago #5

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Replied by interjack on topic Re: Closed by Consumer or Creditor?

If your reports says that it is closed by Consumer, it means that you requested it to be closed for your own reasons. If your report says CLOSED BY CREDITOR or CLOSED BY CREDIT GRANTOR then it means that the company that gave you the card closed your account. It is much better for it to be closed by consumer because it if the creditor closed the account, they may have closed it due to perceiving you as a risk. Other creditors may be hesitant to offer you credit based on this.
10 years 4 months ago #6

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Which of these is better for you in the long run for your credit history & why? I have a credit card that was closed by the creditor (salute visa) but it shows on my credit reports....closed by consumer,paid in full.Should I dispute this or leave it be?

Thanks
ohwoody
10 years 4 months ago #7

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