Greasy/slickies 1 Slayer 0

[Anonymous]

Man, this is just getting uglier and uglier. I need some help.

Back in September of 2007, I closed out a capital one charge card account. I wasn't using it, so I closed it out. Never thought much about it.

On the card though, from the fall of 2005, I did have three months of late payments.

Now, I had decided to do a goodwill letter to them, which I did do, asking them to remove the lates, and if they did, then I would reapply to them to get a new card.

Now, on my credit report, the capital one card has always shown as open. It even showed as open late as last week.

But today, I get a score watch alert that shows I had a 25 point DROP on my Equifax report, because of capital one. This is HUGE, because I am needing to refinance my house sometime soon.

I call up capital one, and they tell me that it is because I closed out an account, but I explain to them that I did that back in September of 2007, and that I've had decent credit scores up till now, so why am I now getting this huge drop off?

They really have no explanation for it, other than to say that I have the opportunity to call the CRA's and dispute anything that I feel is in error.

I'm kind of beaten right now....do any of you have any suggestions about what can be done????

[ngerasimatos]

Unfortunately that's the price to pay from my understanding.

If it gives more points to show an account as OPEN and LATE, as opposed to closed with the late payments removed.

You are better off not disputing it.

[Anonymous]

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wordslayer wrote:
Man, this is just getting uglier and uglier. I need some help.

Back in September of 2007, I closed out a capital one charge card account. I wasn't using it, so I closed it out. Never thought much about it.

On the card though, from the fall of 2005, I did have three months of late payments.

Now, I had decided to do a goodwill letter to them, which I did do, asking them to remove the lates, and if they did, then I would reapply to them to get a new card.

Now, on my credit report, the capital one card has always shown as open. It even showed as open late as last week.

But today, I get a score watch alert that shows I had a 25 point DROP on my Equifax report, because of capital one. This is HUGE, because I am needing to refinance my house sometime soon.

I call up capital one, and they tell me that it is because I closed out an account, but I explain to them that I did that back in September of 2007, and that I've had decent credit scores up till now, so why am I now getting this huge drop off?

They really have no explanation for it, other than to say that I have the opportunity to call the CRA's and dispute anything that I feel is in error.

I'm kind of beaten right now....do any of you have any suggestions about what can be done????

---

Figure your util with the card and without the card.

When it was open, I'm pretty sure the CL was being included in "available credit".

Now it isn't.

[Anonymous]

The weird thing is....I didn't dispute it. I just sent a goodwill letter....so as to remove some lates and then, hopefully, reapply.

Man, they busted me bad on this one. 25 points....just a huge hit. A HUGE HIT. Seems like, when I take a step forward, I take two back.

[Anonymous]

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wordslayer wrote:
The weird thing is....I didn't dispute it. I just sent a goodwill letter....so as to remove some lates and then, hopefully, reapply.

Man, they busted me bad on this one. 25 points....just a huge hit. A HUGE HIT. Seems like, when I take a step forward, I take two back.

---

You didn't dispute, but when they were reviewing your account, I am sure they noticed the account was still listed as open and corrected it.

Same reason I don't think I'm gonna GW a creditor over a late in 2006. I have one newer that they aren't reporting, don't want to alert them of this. Would rather have a 30 day late from 2years ago then one from 4 months ago.

[fishbjc]

Those 30 day baddies weren't hurting you anymore.  I gw'd two of mine from 05 and didn't get a score jump.

Your util has been *taken away*.  Call CapOne tomorrow and ask them to reopen the card.

The quickest way to more your score UP is to pay down util on cards.