re: Account closed by credit grantor

He said it was credit card debt. Just because the guy hit a hard spell doesn't mean he's a piece of shite who won't pay his bills. If his middle score is 620 and hasn't had any late payments in the past year, he would have no problem getting a mortgage right now. Most lenders look more closely at your last 2 years and will be forgiving of a one off situation where the person falls on tough times. The OP could very well get this removed from his credit report by Chase if this was an isolated event where he was a good customer otherwise. He will be fine and his credit score will recover. Derogatory marks lose their weight over time. It won't hit him hard all the way until it hits the 7 year mark and falls off his report on its own.