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Account Closed By Credit Grantor
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Posted by chuck (204.109.31.11) on September 17, 2002 at 16:45:56:
I recently paid off a Cross Country Bank card that I had been making payments on every other month for about a year due to financial difficulties. I went over my limit in July of 2001 ($400 limit) and by May, it had reached almost $1000 (late fees, overlimit fees, annual fee). I finally was able to pay them off with a debt consolidation loan in May, but afterwards, I was told that my credit line would NOT be returned to me and that the account had been closed since March! All of the reps I talked to on the phone had reassured me that I just needed to make the payments to get back to normal, but now I'm out of luck. I even paid an ANNUAL FEE after the account was closed because they didn't tell me. Now it says 'Account closed by credit grantor' on my credit report. Am I just screwed, or is that not as serious a mark on my credit as it sounds?
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