Posting for a friend: My friend was bad about paying bills on time for a credit card over a long period of time (multiple years). It’s one of the major blemishes on their credit score right now and the issuer has just decided to cancel their card. The question is, how much will the issuer canceling the credit card be on my friend’s credit score, and what can they do? Is it worth trying to negotiate and see if the card can be reinstated at a much higher rate? The friend easily has enough money to pay it but has just been disorganized. And if the card is canceled by the issuer, how long will this leave a blemish on my friend’s credit score?
The only information I can find about canceled credit cards on the web is about people canceling their own card, not the issuer, except for this AskMe question, which doesn’t talk about how much it hurts one’s credit score if this happens, or how long it affects it, or what one can try to do (like can one negotiate for a higher rate)?