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Valued Member
pipergirl71
Posts: 46
Registered: ‎07-29-2010
0

Closed acct vs. Collections on CR

I just thought of something.  On my EQ CR, I have some accounts that are listed as "Closed."  Then, there is another section on my credit report listed as "Collections" but there is only one item in there (an old cable bill).  The closed accounts are almost all credit cards, and some of the TL's are the OC's and some are the CA's. 

 

So, if those accounts are in the "closed" section of the credit report, obviously they are closed and no longer active.  So does that mean that I've either settled or PIF on those accounts, which is why they are no longer "collections"?  Is it safe to GW them to ask them to remove the TL?

 

Ugh, I wish I could just sit down with a knowledgable person face to face because I feel like I'm being a pest on here..............  LOL  :smileyhappy:
Thanks in advance!


Starting Score 587 Current Score: EQ 656 3/14
Goal Score in 2014: 700 Club!!!!


Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Closed acct vs. Collections on CR

We all have been where you are now. Best way to learn is by asking questions and by doing. Never see yourself as a bother.

 

First off, know that "Closed" or "Open" really doesn't matter one bit at all per your FICO score. For OCs, FICO only considers an account closed if it reports $0. For CAs, it doesn't matter if it says "open", "closed", "on vacation", whatever, it is all scored the same. And it doesn't matter if it is in the Collections section or the Accounts section. There's a code that we cannot see that is transmitted by the TL that FICO scores on. If that code says it is a CA, then it is forever scored that way regardless of how it reports.

 

Always send GWs to paid CAs. You always would want it off. A $0 balance CA is equally bad as a $10,000 balance CA per FICO scoring.

Valued Member
pipergirl71
Posts: 46
Registered: ‎07-29-2010
0

Re: Closed acct vs. Collections on CR

Thank you so much for your kind words and your help!  That is great information to know.

 

I guess my question now is, how in the world do I figure out whether or not I"ve paid these folks?  I can't ask for a GW to remove it if the account isn't satisfied, and I don't want to ask for a PFD or PIF if I don't owe them any money, ya know?   OH, I hate feeling this clueless!  

 

For example, I have a closed Capitol One card on my CR that says I had a high balance of $625, but now has a balance of $0.  It also says it's been sold/transferred.  When I look through the rest of my report, I can't find anything that has that amount listed, or anything close to it.  So I don't know if any CA's are handling this account or if I"ve already paid it????  I'm a relatively smart cookie, but this stuff makes my head swim!  I'm trying to figure out the best way to approach this, and I just can't figure it out.

 

Thanks again for any help/advice/expertise.  :smileyhappy:


Starting Score 587 Current Score: EQ 656 3/14
Goal Score in 2014: 700 Club!!!!


Frequent Contributor
daboss28
Posts: 483
Registered: ‎06-07-2010
0

Re: Closed acct vs. Collections on CR


pipergirl71 wrote:

Thank you so much for your kind words and your help!  That is great information to know.

 

I guess my question now is, how in the world do I figure out whether or not I"ve paid these folks?  I can't ask for a GW to remove it if the account isn't satisfied, and I don't want to ask for a PFD or PIF if I don't owe them any money, ya know?   OH, I hate feeling this clueless!  

 

For example, I have a closed Capitol One card on my CR that says I had a high balance of $625, but now has a balance of $0.  It also says it's been sold/transferred.  When I look through the rest of my report, I can't find anything that has that amount listed, or anything close to it.  So I don't know if any CA's are handling this account or if I"ve already paid it????  I'm a relatively smart cookie, but this stuff makes my head swim!  I'm trying to figure out the best way to approach this, and I just can't figure it out.

 

Thanks again for any help/advice/expertise.  :smileyhappy:


Does it state charge off/ written of for profit/loss ... if you see these words you need to contact capital one.  It most likely may have been I do not recall them selling accounts in good standing like ever they are in the cc business for the long haul. 

 

 Sold/transferred means absolutly nothing negative in itself but it usually applies to benign accounts such as In regards to student loans, mortgages, and car loans. But with a ccc like cap one who is not looking to selling any of their up to date accounts then I would look further into the matter depending on how far back your dofd might have been.  Do you have proof that the account is paid in full?

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

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Valued Member
pipergirl71
Posts: 46
Registered: ‎07-29-2010
0

Re: Closed acct vs. Collections on CR

Here is the info on my report.  I have no proof of anything being paid, other than what is right here:

 

Account Number:123456789012XXXX Current Status:PAYS 91-120 DAYS 
Account Owner:Individual Account. High Credit:$687  
Type of Account Revolving loans have an amount owed which varies from month to month, like a credit card.:RevolvingCredit Limit: 
Term Duration: Terms Frequency:Monthly (due every month) 
Date Opened:03/2006  Balance:$0  
Date Reported:03/2007 Amount Past Due: 
Date of Last Payment:11/2006 Actual Payment Amount: 
Scheduled Payment Amount:$20  Date of Last Activity:N/A
Date Major Delinquency First Reported: Months Reviewed:12 
Creditor Classification: Activity Description:Transfer/Sold 
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed:03/2007 Type of Loan:Credit Card 
Date of First Delinquency:12/2006 
Comments: 

Starting Score 587 Current Score: EQ 656 3/14
Goal Score in 2014: 700 Club!!!!


Regular Contributor
iluvmyfico
Posts: 163
Registered: ‎03-10-2008
0

Re: Closed acct vs. Collections on CR

To me it looks like it was sold to a CA.  The CA either isn't reporting or removed for whatever reason.  I could be wrong on that.

Frequent Contributor
daboss28
Posts: 483
Registered: ‎06-07-2010
0

Re: Closed acct vs. Collections on CR

[ Edited ]

That is a four year old charge off... the dofd is listed as of 12/2006.  You can find out the sol for debt collection without a legal defense in your state.  Contacting them between now and december will not make much of a difference but keep in mind it does not officially hit the four year mark until december.  So I would find out your state's sol and if it is four years than i would not bring it up until december.  A CA hasn't  reported yet ... their CA might not report between now and then, it's such a short time but who knows.

 

But when the time comes or if you can now I would offer them a PFD for sure ... just make sure you have the money to PIF ... and this will also give you a couple months to save it.

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

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Valued Member
pipergirl71
Posts: 46
Registered: ‎07-29-2010
0

Re: Closed acct vs. Collections on CR

*The Hallelujah Chorus by G. F. Handel* in the background

 

An A-Ha moment!!!  Thank you so much!!!

 

I looked up the SOL in Florida, and for credit cards, it's 4 years!!! Yay!!!  Since that is the case, I will wait to write the letter.  I will offer them a PFD, but only after the SOL have passed (probably in January).  It'll take a little while to get through all this since some of my other "baddies' " SOL won't be pass until 2011, but that's ok.  I'm not planning any major purchases just yet.  Wow, you sure opened my eyes with the whole SOL idea.  Thank you, thank you, thank you!  :smileyvery-happy:


Starting Score 587 Current Score: EQ 656 3/14
Goal Score in 2014: 700 Club!!!!


Mega Contributor
RobertEG
Posts: 18,505
Registered: ‎03-19-2007
0

Re: Closed acct vs. Collections on CR

Two facts seem apparent.  The account was closed by the OC, and the OC is reporting a $0 balance due.

 

With those facts, there are two possibilities

1.  The account was closed, and never charged off or sold to a CA, which implies, with a $0 balance being reported, that it was paid.

2.  The account was c;losed with an unpaid balance, and the debt was then sold to a CA.  Selling the debt means that they no longer

      own the debt, and thus they update their account to $0.

 

I see nothing to indicate a charge-off by the OC.

 

If still unpaid, the debt is still out there somewhere.  I would suspect that a debt collector owns it, and for whatever reason has not yet chosen to pursue collection activities with you.  Regardless of any expiration or  your state SOL, if a CA is reported to your credit file, it could remain in your CR until at least 12/2013.


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