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what are my options with closed accounts?


ctwillia
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I have a Chase card that was "closed by credit grantor" about 2 years ago. The rate on this card is 24.99% and the payments are killing me since I am not employed and haven't been for the past 3 months. I have managed to keep this account current over the past 2 years even though it is closed, but the balance is still over $6,000 and appears to be going nowhere, even though I pay more than the minimum. I have a couple of questions about how to proceed in this situation.

1. Should I try to settle this account (assuming I find a job soon and can use the savings I have to do so) and if so, what should I negotiate for in terms of improving my credit rating?

2. Has anyone ever gotten a credit card company to remove "closed by credit grantor" from their credit report?

3. How much is this status actually hurting my credit report?

Any other advice anyone can offer on this situation would be helpful!! I really don't know what step to take with them. I haven't used this card in 3 years and I'm sure I've paid for all of my initial purchases twice over by now!

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I have a Chase card that was "closed by credit grantor" about 2 years ago. The rate on this card is 24.99% and the payments are killing me since I am not employed and haven't been for the past 3 months. I have managed to keep this account current over the past 2 years even though it is closed, but the balance is still over $6,000 and appears to be going nowhere, even though I pay more than the minimum. I have a couple of questions about how to proceed in this situation.

1. Should I try to settle this account (assuming I find a job soon and can use the savings I have to do so) and if so, what should I negotiate for in terms of improving my credit rating?

2. Has anyone ever gotten a credit card company to remove "closed by credit grantor" from their credit report?

3. How much is this status actually hurting my credit report?

Any other advice anyone can offer on this situation would be helpful!! I really don't know what step to take with them. I haven't used this card in 3 years and I'm sure I've paid for all of my initial purchases twice over by now!

I would write them a good will letter requesting the removal of the "closed by credit grantor" and replaced as closed by consumer. Continue making all your payments on time.

If you settle with them, it will show up on your credit that they "settled for less than full amount" which will hurt more than it showing closed by credit grantor.

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  • 2 weeks later...

I, too have a closed account with JC Penney that was "closed by grantor" and am paying it as well. It was suggested to me to call their financial hardships department to request that they stop all fees in order to pay down the balance which is currently at $600. I'm going to call them first and see if they will comply and at the same time, I will ask that they change the credit report. If not, I will send a letter requesting same.

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