If they report the card as "Closed by credit grantor" it will indeed cause your score to fall, but there is absolutely nothing you can do about it, as that would be complete and accurate.
If they report the card as "Closed by credit grantor" it will indeed cause your score to fall, but there is absolutely nothing you can do about it, as that would be complete and accurate.
Hello and thanks for the reply. My main contention isn't that they did not have the right to close it, rather that they chose the action that is most damaging to my credit report when other alternatives were available. I would argue that they could have frozen the account and given me the opprtunity(as they are now) to pay it off then I could close it myself. The end result being the same for them and more positive for me. Or, they could have lowered my limit to the outstanding balance, thus reducing their potential risk. The whole situation doesn't sound right. Not late on anything for 5+ years. They issued me a card and continued to increase my limit on a regular basis. Then when some other creditor grants me an account, Merrick cancels me. Not even giving me an opportunity to cancel the new ones and/or letting me close it "voluntarily". Bottom line is they had other options to get the same results without blind siding me and trashing my report. I believe that any fair minded person would have to agree that since I had a spotless record with Merrick, then they should have at least chosen the path that would be the least damaging to my report. That would be my argument. Not that they didn't have the right, rather they chose the most destructive to my report. I also think that because I would pay it off every month or so, they weren't making as much in interest, thus resulting in my cancellation. Thanks.