Agreed hjm.

Banks know of all other banks when they see it on your report and they also know what happened. Just imagine, it is nearly 5k of us here and we do not even own banks, but we know what happened. Now imagine how banks are going to find out, they are in the same industry as the rip-off banks. As long as it did not affect your scores and good-faith history, don't even worry about it. I believe that is what Mervyn's is going to say also.

That doesn't sound too good but when a credit analyst sees that the account was "closed by grantor", they will know that Salute went out of business and they were closing ALL accounts.

Ok on my credit report (EX) Salute is reporting as follows:
Credit line closed-grantor request-reported by subscriber
is that positive or negative for me?

I agree with Meya

Why is it that those Ole dusty credit card(s) have the audacity to put something negative on someone and they were established from dirt? Seems like to me that since they are going down, they want to take their customers with them:upset:

Well I got an email from them as I was dialing the number. It said that my charging privileges were revoked permanently for delinquent payment or over limit charges. I have never been late on a payment because it is on auto pay but I was over my balance by $4. Then about two minutes later I got a second email saying that the account was closed because the company went under yada yada yada. As long as I continue to make my minimum payments it will reflect as current on my correct report. I have done all my Christmas shopping so I am tapped and I will just payoff the balance next month. So now I am down to my one and only card and that is where I am staying. Credit makes me crazy lol[/COLOR]

Actually mine said "account closed by consumer." So it should say the same for others.

It won't really hurt your credit if it shows up as "Closed by creditor" because when you credit report(s) are manually reviewed by a credit analyst, they will know that the creditors went out of business so they had no choice but to close their accounts so the consumer is not at fault for that one.

I will hope it will say "Closed by consumer"

Its been closed. Thats what my account said when I went online after I recived a letter stating that my account has been closed. If you have an existing balance you still have to pay, but in your case you paid in full then it will just report as "account closed"

Ohhh lord, keep us posted whatever you do

I paided my bill the other day and I noticed that I have zero for available credit. I emailed customer service to see if my account had been closed. I got the automated response saying that someone will get back with be but I haven't heard anything. Now I have to call them.

Not sure for how long but I am not having any problems with my salute card. i think i will PIF and just sock drawer it as the limit is low and I really do not want any of the troubles...

How long have you had this card?

That's not a bad idea. I would close the card if you have better cards rather than paying a monthly fee to keep it open.

Not sure for how long but I am not having any problems with my salute card. i think i will PIF and just sock drawer it as the limit is low and I really do not want any of the troubles...