Comments on: Closed By Lender Vs. Closed By Consumer – Does It Matter?

By: Sue

Sue — Sat, 01 Aug 2009 22:12:35 +0000

Is there a time limit before items can be removed from a report? Also, what about the same account listed 4 or 5 times on the same report?

I also had several student loans and consolidated, but individual ones are still showing on report as transferred to another lender. I am in good standing with the consolidated lender.

By: Charlie D

Charlie D — Tue, 17 Mar 2009 12:50:45 +0000

I received a letter from my credit card company stating that they were going to raise my rates. I have never been late and just consolidated most of my debt on this particular card with an attractive balance transfer rate. The letter said they were going to apply this increase to all past and future balances. Is this not like a bait and switch policy? Bait me to transfer to a lower rate then send me a letter stating they are not going to honor that rate?
My only real option was to tell them I would Opt-out. They said my credit report would reflect Closed at my request. It would be nice if they told the entire story as to why it was closed.

By: BofA customer

BofA customer — Wed, 01 Oct 2008 02:49:35 +0000

How badly will it effect a credit score at the bottom of the “Good” range if a single bank closes/block 3 accounts because you have too much debt (given the current climate)? These accounts together have a substantial balance (>$20,000), though there is even more debt at other banks. (A fourth account w/ zero balance was closed because it had not been used for over a year). I have never missed a payment on any of these cards.

My concern is that this not spread to accounts at other banks that I use like cash (i.e., because they are close to their limit, I pay exactly what I spend, sometimes making 10 or more online payments a month). Thanks

By: Matt @ Steadfast Finances

Matt @ Steadfast Finances — Fri, 26 Sep 2008 17:33:41 +0000

Can you recommend a generic type of statement for people who want to close a credit card account just b/c they want it closed, or they think they have too many lines of credit open?

I’m curious if wording exists that could potentially give lenders a psychological moment of pause, or a vote of confidence in favor of the borrower, after reading the 250 word statement.

By: Kelly

Kelly — Fri, 26 Sep 2008 13:13:58 +0000

In general, when applying for a major purchase, like a mortgage it is a good idea to review everything on your credit report before the lender does. Although many times the small details like this won’t make a huge difference, if there are enough of them they all add up. It is generally better to be proactive about getting the report cleared than reactive.