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Helping or hurting? $1 balance reporting on closed Chase/Wamu CC

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Regular Contributor

Helping or hurting? $1 balance reporting on closed Chase/Wamu CC

So I was combing through my credit reports & noticed what I have been noticing for quite a while now. When WAMU got sold to Chase, Chase closed out my secured credit card and...

 

I had a $501 balance on WAMU. Chase purchased them and closed out my CC and used my $500 deposit to repay the account basically leaving me with a $1 balance.

 

They have been reporting ever since(almost 2 years) that am paying on time every month and that I have a $1 balance. Every month the account says that the DOD is 10 years from that month. There is no credit limit reporting but it reports that my highest balance was $500.

 

Is it hurting since I have a balance on a closed CC or is it helping because they keep reporting on time payments every single month?

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