topic JP Morgan Chase reporting closed credit card at 7 year mark in General Credit Topics

JP Morgan Chase reporting closed credit card at 7 year mark

BigGoalsBy40 — Mon, 25 Sep 2023 15:28:26 GMT

Hello!
I am deep in the credit rebuilding phase. I recently (9/10/23) applied for a credit card with Chase being the creditor. I previously had a card with them that closed on 9/8/2016. They denied my new credit card request and are now reporting the closed credit card as CO/derogatory when it had previously been reporting as "OK" for the last 2+ years.

Because I was at/over the 7 year mark since the card was closed, can they now start reporting the amount of $1600 again? How do I fix this - is it a matter of paying off that debt SEVEN years later?

Any help will be greatly appreciated!

Re: JP Morgan Chase reporting closed credit card at 7 year mark

Lou-natic — Mon, 25 Sep 2023 16:06:48 GMT

@BigGoalsBy40 wrote:
Hello!
I am deep in the credit rebuilding phase. I recently (9/10/23) applied for a credit card with Chase being the creditor. I previously had a card with them that closed on 9/8/2016. They denied my new credit card request and are now reporting the closed credit card as CO/derogatory when it had previously been reporting as "OK" for the last 2+ years.

Because I was at/over the 7 year mark since the card was closed, can they now start reporting the amount of $1600 again? How do I fix this - is it a matter of paying off that debt SEVEN years later?

Any help will be greatly appreciated!

If they haven't sued you yet I doubt you have much to worry about on that front. Was the card closed on good terms or was it in fact late and closed for non payment/charged off? Regardless of what is on your credit report Chase isn't just going to forget about that card that was closed in 2016. If they were erroneously reporting it as "ok" when in fact it wasn't then they have corrected the error but it will have to age off your reports once the time limit has passed which seems to be pretty soon since it was closed in 2016.

Re: JP Morgan Chase reporting closed credit card at 7 year mark

FireMedic1 — Mon, 25 Sep 2023 16:18:19 GMT

@BigGoalsBy40 wrote:
Hello!
I am deep in the credit rebuilding phase. I recently (9/10/23) applied for a credit card with Chase being the creditor. I previously had a card with them that closed on 9/8/2016. They denied my new credit card request and are now reporting the closed credit card as CO/derogatory when it had previously been reporting as "OK" for the last 2+ years.

Because I was at/over the 7 year mark since the card was closed, can they now start reporting the amount of $1600 again? How do I fix this - is it a matter of paying off that debt SEVEN years later?

Any help will be greatly appreciated!

You may have closed it. Was it $0 balance when you closed it. Or was there some lates and a CO tied to it. If it was a closed $0 balance with no baddies. You can dispute the CO. Closed cards can stay up to 10 yrs on your reports. Unless there was baddies laggin after closure.

Re: JP Morgan Chase reporting closed credit card at 7 year mark

SouthJamaica — Mon, 25 Sep 2023 17:16:08 GMT

@BigGoalsBy40 wrote:
Hello!
I am deep in the credit rebuilding phase. I recently (9/10/23) applied for a credit card with Chase being the creditor. I previously had a card with them that closed on 9/8/2016. They denied my new credit card request and are now reporting the closed credit card as CO/derogatory when it had previously been reporting as "OK" for the last 2+ years.

Because I was at/over the 7 year mark since the card was closed, can they now start reporting the amount of $1600 again? How do I fix this - is it a matter of paying off that debt SEVEN years later?

Any help will be greatly appreciated!

I would send a dispute to the credit bureau on the ground that it's more than 7 years from date of first default.

Re: JP Morgan Chase reporting closed credit card at 7 year mark

hdporter — Mon, 02 Oct 2023 04:25:35 GMT

To offer the best advice, it would be helpful to know the specifics of the CO entry. Is there a date attached to it? If you can post a screen capture of the tradeline data, it would help tremendously. Any feedback now requires certain assumptions be made.

Re: JP Morgan Chase reporting closed credit card at 7 year mark

Aspireto850 — Wed, 04 Oct 2023 23:45:26 GMT

@BigGoalsBy40

this may not matter but the same thing happened to many of us regarding our old chase accounts. Clearly August and September was ' deep cleaning' for Chase as previously stagnant account started back reporting as CO.

If your account was indeed charged off in 201 then you should be at the 7 year mark to get it deleted. Hopefully I understood that correctly.

As many have said Chase has a long memory so paying or settling may be helpful if you want new card with them.