topic Re: Credit One Bank in Credit Cards

Credit One Bank

BobbyJ — Sun, 06 Mar 2011 19:37:44 GMT

Credit One Bank has posted a $2 balance on my closed account. I had called them 4 times before my statement date closed on 3/5 and they told me that my balance was 0. I called yesterday and let them know that the $2 balance should not be charged. The rep said it would be removed in a few days. Should I dispute this with the CRAs or leave it alone. I am concerned that having a small balance on a closed card will hurt my fico scores. Any thoughts on what I should do?

Bobby

Re: Credit One Bank

DI — Sun, 06 Mar 2011 19:45:08 GMT

@BobbyJ wrote:
Credit One Bank has posted a $2 balance on my closed account. I had called them 4 times before my statement date closed on 3/5 and they told me that my balance was 0. I called yesterday and let them know that the $2 balance should not be charged. The rep said it would be removed in a few days. Should I dispute this with the CRAs or leave it alone. I am concerned that having a small balance on a closed card will hurt my fico scores. Any thoughts on what I should do?
Bobby

It won't hurt your FICO score but it's great that you caught that. Follow -up with them if the balance isn't updated with the CRAs. No need to dispute with the CRA until after you've given them a chance to update it.

Re: Credit One Bank

BobbyJ — Sun, 06 Mar 2011 19:49:47 GMT

Thanks DI. The only problem I worry about is that I will have to wait another month for them to update if they update at all since the account is now closed. They just sent the update to the CRAs on 3/6 (today). :-(

Re: Credit One Bank

DI — Sun, 06 Mar 2011 19:52:50 GMT

@BobbyJ wrote:
Thanks DI. The only problem I worry about is that I will have to wait another month for them to update if they update at all since the account is now closed. They just sent the update to the CRAs on 3/6 (today). :-(

Wait a few days to dispute with the CRAs since the rep said give them a few days to remove the balance.

Re: Credit One Bank

BobbyJ — Sun, 06 Mar 2011 19:54:02 GMT

Will do!!! Thanks again DI...

Re: Credit One Bank

JaseT — Sun, 06 Mar 2011 20:06:00 GMT

I closed my 5-year old Credit One account last week They updated a few days ago and my balance shows $0. I won't miss their monthly $8 fee or low $750 CL, but they did serve a purpose.

Re: Credit One Bank

JayRizzo — Sun, 06 Mar 2011 21:30:34 GMT

Hummm, I'm familiar with Credit One Bank as far back as when they were FNB Marin and don't believe a word they say as far as I can throw them!!! When dealing with a lender who charges a monthly membership fee, always overpay by $10 before closing the account, just to cover yourself in case they pull this type of stunt. They are quick to damage your credit and there's no real process to correct it, so don't wait around for Credit One bank to do you any favors because they won't.

They are located in Las Vegas, NV but the calls are routed to India and Philippines, so you can never really dispute anything. Also trust me when I tell you that the P.O. Box they give you is worthless -- they'll sign for a certified letter, but will never tie it to your account or acknowledge they even have it no matter how much detailed information you've included in the letter with your account, ssn, etc. They'll say, another department may have mistakenly signed for it and now has been mis-filed. I heard all of their excuses.

I'm not sure how long your account was at zero balance before requesting to have it closed, so I'm not sure if the fee came from past interest charges or something left over from their membership fee, etc???

You'll darn nearly have to trick them into doing their job. Example: If they give you a fax number to send your dispute, make sure there's someone standing next to the fax machine as you are sending it. Place a Key Word at the top of the page and ask them to recite it to confirm they received it, because they are quick to say "We got it!" but later claim they didn't. Wooooo!!! That was my first card as a kid and I did everything right, but they did everything wrong until I turned the tables and started using their own tactics against them. I've long since gave them the boot, but remember taking Excedrin during each call for small mess-ups on their part.

Re: Credit One Bank

BobbyJ — Sun, 06 Mar 2011 22:36:06 GMT

Hey Jay,

I am with you on this one and I dont trust Credit One Bank. I was told specifically that I would not have any more charges after paying the account in full on Feb 9th. Fortunately I was smart enough to ask for a letter from them stating my account was at a zero balance which I do have and will use that to dispute the charge with the CRAs. Since they already have updated my closed account with the CRAs I honestly dont believe they are going to do it again in a couple of days so I am going to fax my disupute letter along with the letter they sent to me on 3/7. They are the worst people to deal with and I could tell that I would not get a chance to talk to anyone in the US about my account. Your situation and info about them has helped guide me to what I really need to do now. Thanks again!!!!!

Re: Credit One Bank

haulingthescoreup — Sun, 06 Mar 2011 22:45:23 GMT

@BobbyJ wrote:
Hey Jay,
I am with you on this one and I dont trust Credit One Bank. I was told specifically that I would not have any more charges after paying the account in full on Feb 9th. Fortunately I was smart enough to ask for a letter from them stating my account was at a zero balance which I do have and will use that to dispute the charge with the CRAs. Since they already have updated my closed account with the CRAs I honestly dont believe they are going to do it again in a couple of days so I am going to fax my disupute letter along with the letter they sent to me on 3/7. They are the worst people to deal with and I could tell that I would not get a chance to talk to anyone in the US about my account. Your situation and info about them has helped guide me to what I really need to do now. Thanks again!!!!!

Something that everyone should ask for, and keep when received, when closing an account IMO. Even with the more respectable or at least semi-respectable banks.

It doesn't hurt to print out and keep a screenshot showing a $0 balance as well, but that's not a substitute for the letter.

Re: Credit One Bank

Anonymous — Mon, 07 Mar 2011 03:49:57 GMT

Same thing for me. But I did not pay a monthly fee I paied a yearly fee of $75. $75 on $350 was crazy so after a year and getting Prime cards from NFCU and USAA. I kicked them to the curb on 2/4 one day after I saw the AF for $75. BTW have not used it in about 3 months. They closed the card but are charging $2.30 interest on the $75 since it took them 20 days to reverse it from my account. Well now I see that they reported to the CRA's that the account is closed with a $1.00 balance. I Know that I have to call them to get the $2.30 reversed but I don't want to dispute with the Cra's because I don't want to lose a YR's worth of History since it was so expensive. Are there any other options besides disputing if they don't fix it?

Re: Credit One Bank

BobbyJ — Mon, 07 Mar 2011 04:02:53 GMT

I have no problem disputing the small balance because I have all the documentation I need. I have many copies of CRs that show the accounts exsistence. I also filed complaints with the BBB of Las Vegas, Nevada and the OCC [The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks. It also supervises the Federal branches and agencies of foreign banks. Headquartered in Washington, DC, the OCC has four district offices plus an office in London to supervise the international activities of national banks.] I am sure I will get some action either way!!!