Account closed by credit grantor

quote:

---

Will it possibly lower because of decreased revolving credit?

---

That is the last thing you should worry about. Yes, that will probably make it fall a little bit but the fact that you were behind on payments has vastly more impact. It's like being worried about running a stop sign while the officer is writing you up for DWI.

Unfortunately the damage is probably mostly done at this point. Time will make it fall off the report but it'll be a few years before you see much improvement.

ETA: FWIW, there's nothing you can do about it anyway since the account is now closed.

quote:

---

I have a credit card account that was closed by Chase because I fell behind on some payments. I've been making big strides to pay it off. After I pay it off, how will it affect my score? Will it possibly lower because of decreased revolving credit? Any help would be appreciated.

---

Pull your credit report and look at that trade line. If there is a credit limit listed in the trade line and if there is a balance, even if the trade line is closed and charged off, it is factored into utilization. In that case, paying it down will RAISE your score because you lowered your utilization. What you need to do is send Chase a "goodwill letter" once you pay it off. Many people have had success good willing Chase's credit card division. Google "Chase credit card chargeoff goodwill" and go from there. Good luck.

I just reread your post and realized you said it was closed, not charged off. That's not as bad as a charge off. Write them a goodwill letter asking to remove the late payments or delete the trade line completely. You can find a sample goodwill letter online and add your personal story and information to make it your own. I know someone who emailed Jamie Dimon (Chase CEO) and got a call from someone who helped him get derogatory information off his report. You can find his email address online too.