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orchard bank credit card and capital one collection

Valued Member

orchard bank credit card and capital one collection

Hello everyone,

 

I have an Orchard card I got 3/2011 issued by HSBC now Capital One.

I have an unpaid collection from Capital One from back in 2008. Just wondering if there is anyway

they can close my account or should I close it first. I would not want a closed by credit grantor on

my credit report. I also have ING checking and savings which was also taken over by them...

 

Thanks in advance you guys are great Smiley Happy

Rebuilding Mode!
2 REPLIES
Senior Contributor

Re: orchard bank credit card and capital one collection


2ndTimeAround2012 wrote:

Hello everyone,

 

I have an Orchard card I got 3/2011 issued by HSBC now Capital One.

I have an unpaid collection from Capital One from back in 2008. Just wondering if there is anyway

they can close my account or should I close it first. I would not want a closed by credit grantor on

my credit report. I also have ING checking and savings which was also taken over by them...

 

Thanks in advance you guys are great Smiley Happy


I'm not sure. technically, they can probably take AA. But I believe the new card law says that they have to give you the reason (e.g. Your fico, high util, etc.) I don't know that they would do that, though. I've not read of cap one closing anyone's acct, like we hear from other banks.

 

is there any way you can PFD or make pmt arrangements on your old card? thst's going to be on your cr for 3 more years. 7.5 yrs from DOFD. It's harder to get prime cards and rebuild when you have that on your cr. not impossible, but definitely limits your possibilities.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Highlighted
Senior Contributor

Re: orchard bank credit card and capital one collection


2ndTimeAround2012 wrote:

Hello everyone,

 

I have an Orchard card I got 3/2011 issued by HSBC now Capital One.

I have an unpaid collection from Capital One from back in 2008. Just wondering if there is anyway

they can close my account or should I close it first. I would not want a closed by credit grantor on

my credit report. I also have ING checking and savings which was also taken over by them...

 

Thanks in advance you guys are great Smiley Happy


Creditor can close any account whenever they want.    However Capital One has many customers with bad history so IMO, unlikely they will close yours.  

 

Since closed by creditor is not a negative on your credit, there is no reason to close yourself unless you don't want the account.