Bank Closed Cards, Advice Needed, HELp

[Cynthia1123]

Good afternoon everyone,

I really need some help here, I am lost. Here's the situation: I came upon some difficulties and stopped paying two cards of mine from Synchrony for two months. Last month, I paid Walmart off and made Old Navy current, the thing is thye closed them. I chatted with them today to see if they can reinstate them since they are either paid off or current and they said no. My question is, I know if I continue paying Old Navy on time they will not send it to collections, but what about reapplying? Can't I re-apply for the same card? This makes no sense to me. How do I know for a fact that they will not send Old Navy to collections even if it's current?

Please Help !!!!!!

[Anonymous]

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@Cynthia1123 wrote:

Good afternoon everyone,

I really need some help here, I am lost. Here's the situation: I came upon some difficulties and stopped paying two cards of mine from Synchrony for two months. Last month, I paid Walmart off and made Old Navy current, the thing is thye closed them. I chatted with them today to see if they can reinstate them since they are either paid off or current and they said no. My question is, I know if I continue paying Old Navy on time they will not send it to collections, but what about reapplying? Can't I re-apply for the same card? This makes no sense to me. How do I know for a fact that they will not send Old Navy to collections even if it's current?

Please Help !!!!!!

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They are not likely to do that as long as you are paying more than the minimum amount. I would be far more concerned with reporting of 30 day lates than anything else. That will tank your scores for two more years.

Do you have other credit accounts established? Capital One maybe?

[RobertEG]

For the account to be in good-standing under the card agreement, the payments must be both timely and meet the stated minimum.

When you say the account is current, do you mean that you are making payments that are both timely AND at least of the miminimum amount so that there is no delinquency, or are you only making monthly payments that are timely, but not sufficient to bring the debt into pays as agreed, good-standing?

If there is no delinquency in the debt, then it cannot be referred to a debt collector.

The FDCPA explicityly excludes any party as a debt collector who is attempting to collect on a debt that is NOT in default under their account agreement.