How Canceled Cards Impact Credit Scores

Dear Opening Credits,

Continue Reading Below

I have a credit report with a few cards being reporting as "canceled by consumer." I never canceled any cards. It is negatively impacting my ability to refinance. What can I do?  

- Jean

Dear Jean,

How odd. If you didn't take that action, the credit issuers must have. And if so, typically they'd inform the credit reporting bureaus that they canceled them, which would be noted on your files. The only explanation is that they chose to report it this way. Perhaps you didn't use the credit cards in a long time, so they shut them down due to lack of use rather than for poor behavior. The only way you can know for sure is by asking your creditors -- so call and find out.

<3>More On This...

Continue Reading Below