I had a boa cc for over 3 yrs never late always near my limit alot but paid it on time every month. except the june payment I was late on because my daughter had a baby a month early and thing got away from me.
when I realized I didnt pay them i quicly emailed them and told them the payment will be made within a week payment was due on the 4th paid them on the 12th.
I made the payment the late fee the current payment plus a lot extra which totaled 750.00. everything was fine they raised my rate from 13.99 to 29.99 called them they lowered it right back saying I was a good customer gave me back my over paid intrest and late fee . I was happy then I go to use the card over the weekend and it was declined. called them monday they said they closed my account because they ran a credit report on me and said I have to much debt. my credit report is spotless every card I have I pay never late never over limit I said I had these same cards when you gave me this one but the lady I spoke to said it was the right thing to do becasue of all the cards I had I complained that I had all of these cards when you gave me this one but she didnt want to hear it my husband thinks they closed it because the couldnt get the 30% intrest out of me, he said if I didnt call to have the intrest lowered I would prob still have this card. but they said the high would of been for 6 mnths only like a punishment.
I now dont care that they closed it but what bothers me is that on my credit report it says closed by grantor is that a bad thing i will keep paying this card til its paid off but i think since they are stating they closed it it will mess up my credit
hi donna
Actually your credit card account is not closed, it has been blocked for a few months. So it will not show as "closed by grantor" in your credit report as far as I know. Moreover, since you do not owe them any money, I find no reason why they would close down your cc account and lose a customer like you.
"Closed by grantor" status generally appears on the credit report only when your credit card is not used for a long time and the credit card company closes the cc account instead of renewing the account. If this becomes the case you need to contact the credit reporting agencies and request them in writing to change the status to "closed by customer".
Will this be under a positive or a negative report on the credit report?
Hi goodnatured
I actually have not come through "closed by grantor" status in my credit report. But normally it should show under the negative report because it is an indication that you have applied for a credit card, got it, but never used it or not used it for long. As far as I know, "closed by grantor" status lowers your credit score.