topic Re: Closing Account in General Credit Topics

Closing Account

ACJ — Sun, 16 Apr 2017 17:25:02 GMT

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 ?

Re: Closing Account

RobertEG — Sun, 16 Apr 2017 17:42:15 GMT

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.

Re: Closing Account

ACJ — Sun, 16 Apr 2017 17:57:38 GMT

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 .

Re: Closing Account

DaveInAZ — Sun, 16 Apr 2017 18:10:01 GMT

@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 ?

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.

Re: Closing Account

ACJ — Sun, 16 Apr 2017 18:20:29 GMT

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 .

Re: Closing Account

DaveInAZ — Sun, 16 Apr 2017 19:46:34 GMT

@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 .

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.

Re: Closing Account

SouthJamaica — Sun, 16 Apr 2017 20:23:52 GMT

@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 ?

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

Re: Closing Account

ACJ — Sun, 16 Apr 2017 20:40:24 GMT

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.

Re: Closing Account

Anonymous — Sun, 16 Apr 2017 23:56:03 GMT

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?

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)

Re: Closing Account

ACJ — Mon, 17 Apr 2017 16:35:43 GMT

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

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 .

Re: Closing Account

Anonymous — Mon, 17 Apr 2017 17:23:34 GMT

Thanks for the update. I am still not 100% clear about when you first found out that the account had been deleted from your reports. I am guessing that was between Nov 2016 and Feb 2016. Here's your timeline thus far.... can you fill that last piece in?

2002 Opened the credit card with Cap One. Used it off and on since.

Apr 2016. Pulled all three reports. The account appeared on all three and looked accurate.

Aug 2016. Transferred all the debt on the card to your Discover card.

Dec 2016. Last used the Cap One card.

??? Noticed that the Cap One account had been deleted completely from your reports.

Feb 2017. Contacted Cap One about the deletion. Cap One confirms that the account is open and that they are reporting it to the three credit bureaus.

======

Because you have lost your oldest account on your three reports, this is hurting your credit score. The factor that is affected is "Age of Oldest Account."

On the other hand, if you are not urgently concerned about it (in your initial post, you were thinking about closing the account) I would consider taking Dave's advice charging something small, and giving them another month or two. It may ultimately require some work on your end to get the account back on.

RobertEG may be able to guide you better through the legal mechanisms, but I am guessing there is no way to "dispute" it, since the account is not actually on the reports. (Disputing is typically something you do to an account that IS appearing but is saying something untrue.)

I have had a problem like this in the past, and it involved a good bit of patient work on my end, with a lot of calls to the creditor. It's possible that somehow they are reporting it but to the wrong name or SS number.

If this 15 year old account is substantially older than your other open accounts, then unfortunately you are going to need to do this. Losing this account would be a bad thing for you.

If, on the other and, you have another open credit card that is almost as old (e.g. opened 13 years ago), then you may decide eventually not to spend too much effort on it.

Re: Closing Account

Anonymous — Tue, 18 Apr 2017 02:12:25 GMT

@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 ?

I had similar problem with my Capital One account that took 3 months to resolve last year.

I discovered early 2016 that my CO account that I opened in 1991 had stopped appearing on my EX report sometime between 1999 and 2013. The CO account was still appearing on the TU and EQ - just not EX.

I started calling EX Customer Service and CO Customer Service in parallel. Even called my legal service to find out what my options were. (Lawyer was humored by the inquiry - said he had never heard of someone trying to get an account ON a CR before).

EX Customer Service did little besides send me the latest report and then told me that the creditor would have to resolve it (rather curtly).

CO Customer Services sent many requests (at my behest) over to the CO department that sends our account data to CRAs. I always got a response back that said "We are reporting your account to all 3 CRAs, have a nice day."

I ended up writing a verbose letter to the CO CEO. About a week later I got a response back from a person in the Executive Office of CO. It took a few weeks to resolve but this person managed to get the CO 'CRA reporting department' to "submit a reinsertion request" 3 times over 3 weeks. This finally got the CO account on my EX report.

It was very clear that the CO Customer Services people were trying their best to help but had no real ability to resolve the issue.

Getting the 25 year old account on my EX significanly improved my AAoA and resulted in an immediate 21 point boost to my FICO8 (778 to 799).

Good luck to you.

Re: Closing Account

Anonymous — Tue, 18 Apr 2017 02:31:05 GMT

Beside my cap1 QS I have another Cap 1 I hardly use. Maybe once every 2 months. It dropped off one of my reports. I charged about $30 let it go to statement and poof it showed back up. Instant score raise.