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I have a couple different credit cards that are listed as closed by granter but they were in good standing. So I called one of them today to find out why they were closed she said it was because I filed bankruptcy and I told her they were not included. She said she knew but I still filed. So is this some new law that was past I missed or has anyone else been through this. Don't remember reading anything like that in the terms and conditions.
Creditors have the right to close accounts or adjust your intrest rate according to the activity on your credit report, in fact they monitor the activity pretty closely to determine your credit worthiness.
You may have to start over with new cards, the bankruptcy will make it very hard to get one with a good rate on it though.
I guess your right I didn't use it anyway it was the point of how it was done no letter or anything. If I wouldn't have pulled my credit report I would have never knew. I recently got a capital one credit card it seems to be pretty responsible considering my score.
Hi Debra,
A credit card grantor can cancel your credit card. It also depends on the terms and conditions of the original contract signed between you and the creditor. These kinds of cases particularly happen when one files for bankruptcy. When the credit card company finds out that the debtor has filed bankruptcy, many a times they cancel the card and terminate the contract. Ideally, the creditor should send you a written intimation that they have decided to close your credit card account.
Hi Justin,
Is there anyway of proving that they never sent me anything that stated they were going to close the account. Can I request a copy of the original contract?
You can request a copy of the original contract.
Also, since you have a new card, you may want to request a copy of their contract also and file it away, you never know what will happen in the future and it is good to have that information at hand to pull out when needed.
Hi,
It will be good if you can ask for a copy of the original contract and go through it. However, it will depend on how well you can convince the creditor to send you a copy. However, having a copy of the contract might be helpful in future.