Closing Account

[ACJ]

I've been trying to get Capital 1 to report my credit status to the 3 C B. They have yet to report after 2 months . THis is my oldest account being 15 yr's old . But they will not report my zero balance on that account .  Would it impact my scores to close this acct  since it doesnt' report anyway ?

[RobertEG]

If the issue is the updating of prior reporting to reflect the current accuracy, a furnisher is required under FCRA 623(a)(2) to "promptly" update their reporting.

"Promptly" is usually interpreted as being in their next regular reporting cycle.

If more than one reporting cycle has passed, you can file a dispute and compelt their investigation and compliance with section 623(a)(2).

Whether or not closing will impact your score depends upon other factors, such as how many total revolving lines of credit you have.

However, closing will begin the ticking of the 10 year clock for eventual deletion of the closed account by the CRAs.

You would then lose its age in scoring of your AAoA.

Convetional wisdom is not to close an account that has no annual fees.

[ACJ]

Thanks for that Information . But the AAoA isn't calculated using this information because it's not shown at all . I'm taken a hit because my AAOA is 2.5 years because of it . I'm wait until after the 6 of May becuse this is my payment due date to take any additional actions .  

Thanks again .

[DaveInAZ]

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@ACJ wrote:

I've been trying to get Capital 1 to report my credit status to the 3 C B. They have yet to report after 2 months . THis is my oldest account being 15 yr's old . But they will not report my zero balance on that account .  Would it impact my scores to close this acct  since it doesnt' report anyway ?

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I have to ask the obvious question: Why not charge a couple bucks on it and let it report at the statement cycle? And no, I sure wouldn't close it if it has n fees.

[ACJ]

This Card isn't even list on my credit REPORTS . I had small purchases on this card over the last few months 29.00 reoccurring charge and it's still not listed . It's not listed as an ole account or new account .

[DaveInAZ]

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@ACJ wrote:

This Card isn't even list on my credit REPORTS . I had small purchases on this card over the last few months 29.00 reoccurring charge and it's still not listed . It's not listed as an ole account or new account .

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I misunderstood your post as they wouldn't report because it had a zero balance, not that they wouldn't report it at all.

Do you have other Cap One accounts? If so, why not try combining this account into another one, at least you keep the CL. 

[SouthJamaica]

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@ACJ wrote:

I've been trying to get Capital 1 to report my credit status to the 3 C B. They have yet to report after 2 months . THis is my oldest account being 15 yr's old . But they will not report my zero balance on that account .  Would it impact my scores to close this acct  since it doesnt' report anyway ?

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If you've had the account for 15 years, how did it report in the past?

[ACJ]

It did report over a year ago . Every since I transferred the debt to my Discover acct . It went zero balance and Bam it has been there to my knowledge .I started monitoring my credit and it seem to disappear . I can't explain it . WHen I called and complained the person said That they will report it . That's been a little over a week ago for my last communication with them . I have a few new card over the last two years 2 EXpress , 1 DIscover, 1 Penfend ,1 Chase .  Current Scores Eq 784 TU 746 EXP 723( Drops every month I pay off deb)t . EEoE 3.5 UTI 10,10,11.

[Anonymous]

I really like Dave's suggestion to charge something small.  Part of the problem may be that the card has had a balance of $0 for possibly a very long time and it might be easier to prod the issuer's software to automatically begin updating your balance by charging something.  Once you do that it may take a good 45 days before you see it.

It might help us if you recap the timeline again:

I believe that you opened this account 15 years ago, right?

I believe you pulled all three reports one year ago.  Can you confirm that:

       On all three reports, the account appeared at that time?

       It was listed as on open account with a Date Opened of 2002?  (And in all other respects the info seemed right?)

You transfered all your debt on that card to a Discover card. 

       When did you do that?

Sometime after you transferred the debt to the Discover card....

       (a)  You pulled all three credit reports... correct?

       (b)  The account appeared to have been completely deleted on all three reports?

       (c)  When did you pull these reports?

Sometime after you noticed the account had been deleted from all three reports, you contacted the creditor and asked them about that.

       I think that was two months ago, but can you confirm?

       The creditor did confirm that this was an open account?  (I.e. they had not closed it due to inactivity?)

When is the last time you used the card for anything?  (I.e. bought something with it)

[ACJ]

I really like Dave's suggestion to charge something small.  Part of the problem may be that the card has had a balance of $0 for possibly a very long time and it might be easier to prod the issuer's software to automatically begin updating your balance by charging something.  Once you do that it may take a good 45 days before you see it.

It might help us if you recap the timeline again:

I believe that you opened this account 15 years ago, right? YES

I believe you pulled all three reports one year ago.  Can you confirm that:

       On all three reports, the account appeared at that time? YES

       It was listed as on open account with a Date Opened of 2002?  (And in all other respects the info seemed right?) YES

You transfered all your debt on that card to a Discover card. 

       When did you do that? AUG

Sometime after you transferred the debt to the Discover card....

       (a)  You pulled all three credit reports... correct? YES

       (b)  The account appeared to have been completely deleted on all three reports? Correct

       (c)  When did you pull these reports? I Have a Mointering Service with MY FICO . Updated montly

Sometime after you noticed the account had been deleted from all three reports, you contacted the creditor and asked them about that.

       I think that was two months ago, but can you confirm? YES

       The creditor did confirm that this was an open account?  (I.e. they had not closed it due to inactivity?)YES

When is the last time you used the card for anything?  (I.e. bought something with it)  4 Months ago .