My GEMB Old Navy card is reporting as closed and my new ON Visa is reporting. I'm a little concerned about *how* the closed acct. is reporting.
ON EQ, it says, "Transfer/Sold/Paid." That makes it sound like it was charged off, or something. And EX says, "Account closed due to transfer or refinance." Again, it sounds odd to me. Of course, TU hasn't updated yet! 
It may just be that I don't have experience w/this, but I'd really like to hear from others to see if this is okay, or if I should be disputing it to report correctly.
Has anyone else had their GEMB accts show up like that when they have upgraded to a Visa or Discover?
Thanks!
- Account transferred or sold
- Closed or paid account / zero balance
That is what my old walmart account says, it is now a walmart discover. I think if it was a negative the wording would be much more harsh. Then there is also the 7 year payment history, with no lates. So it cannot refer to a negative since there was no history of default 
Okay. I guess I won't worry about it. I think they ought to have better wording, though! Like "upgraded account" or something that shows that they rewarded me for my history w/them. 
@bichonmom wrote:My GEMB Old Navy card is reporting as closed and my new ON Visa is reporting. I'm a little concerned about *how* the closed acct. is reporting.
ON EQ, it says, "Transfer/Sold/Paid." That makes it sound like it was charged off, or something. And EX says, "Account closed due to transfer or refinance." Again, it sounds odd to me. Of course, TU hasn't updated yet!
It may just be that I don't have experience w/this, but I'd really like to hear from others to see if this is okay, or if I should be disputing it to report correctly.
Has anyone else had their GEMB accts show up like that when they have upgraded to a Visa or Discover?
Thanks!
It's not a negative. It will still be listed under satisfactory accounts history on your reports. Banks sell your loans all the time, doesn't affect your credit. This is no different. The old account will remain on your reports for up to 10 years even after it closed. Don't sweat it. FYI: When my Sam's Club card upgraded to Discover, I had two separate accounts. I eventually closed the Discover and kept the original store card. That was GEMB, guess they do things different now.
I have more than one of these on my CRs. It just means it was sold to a different company. Some get sold so often, I don't recognize the company name on my CR and start thinking it's an account I've never had! LOL.
Starting Score: 648