Cards I want to close NOT reporting $0 balance!

[Anonymous]

Hello all,

I learned here that once you zero your balance, creditors don't have to report anything moving forward until there's something to report again.

I've wanted to keep them reporting my on time monthly payments,  so I've carried tiny little balances that vary each month (for example, I'll pay off my $12 and charge another $8 for something else).

Now that I've landed some prime cards, I've continued taking advice from this board, and am moving toward paying off and closing all my subprime cards. I've paid all my subprime cards off to zero, and some are NOT reporting it!

Merrick Bank: $22 last reported Feb 19, 2018 (did NOT report Mar. 18 payoff)

Credit One Bank (MC): $10 last reported Feb 21, 2018 (did NOT report Mar. 18 payoff)

Credit One Bank (Visa): $10 last reported Mar 11, 2018 (hoping they report my Mar. 18 payoff on Apr. 11)

First National Credit Card: $0 last reported Feb 21, 2018 (all good.. planning to close this one this week provided they've reported my new CLI despite the $0 balance)

What do I do!? I'm afraid to close anything but First National and have it look like I have some small unpaid balance.

You've all done an amazing job teaching me how to OPEN new accounts.. Can anyone advise me on how to CLOSE accounts?

[FeeBear]

Hey Fighter,

        You are safe, as long as you check on the CC website or call them that you don't have a balance, you are good to go. It is very normal (and annoying) that they don't always report ontime payment but for what I have seen it is treated like it is on time until it isn't. I am also assuming that they are charging you a fee to stay with them? If not let them age. It isn't like they aren't showing up on your report anyway. Of course if they are charging you a fee then off with their heads!

Fee

PS the closing of the account might be the push to update your balances.

[Anonymous]

---

@FeeBearwrote:

Hey Fighter,

        You are safe, as long as you check on the CC website or call them that you don't have a balance, you are good to go. It is very normal (and annoying) that they don't always report ontime payment but for what I have seen it is treated like it is on time until it isn't. I am also assuming that they are charging you a fee to stay with them? If not let them age. It isn't like they aren't showing up on your report anyway. Of course if they are charging you a fee then off with their heads!

Fee

PS the closing of the account might be the push to update your balances.

---

Good point. That would be an update, now wouldn't it? :-)

Regarding the fees.. of course they're charging me fees. I've been practicing my "closing speech" to call all of them up. So far it goes something like this (in my head at least), as a dialog:

"CSR" shall hereafter refer to "Wonderfully Cheerful Albeit Painfully Sarcastic and Indifferent Sounding Subprime Lender Customer Service Representative With Who Refers To Him/Herself as John or Kimberly"

CSR: Hello it's a wonderful day here at the company where we're **bleep** you and you're paying for it. May I please harass you to confirm every piece of information we have on you?

Me: Hi there! Of course, please, waste at least 4 minutes of my time before providing any valuable service that I pay you for through exorbitant annual membership fees often charged monthly.

(three minutes of my time wasted)

CSR: So, how can I help you today?

Me: I want to close my account.

CSR: But wouldn't you like to hear about the absolute bare minimum of service we provide and draconian punishments we can offer you as a cardholder?

Me: Not really, no.

CSR: (Reminds me of them anyway) -- what if we were to increase your credit limit by a pathetic and paltry amount sure to disappoint and frustrate you further?

Me: No thanks.

CSR: Alright, please wait while I waste another 10-15 minutes of your time playing elevator music and processing your request.

Me: Amazing, thank you!

CSR: Alright sir, your account has been closed. If there's any reason you'd ever find yourself wanting to waste a ton of money on antiquated services and look poor every time you pull one of our embarassing credit cards out of your pocket, please do call us right away!

Me: Pigs get fed. HOGS GET SLAUGHTERED!! Muwahahahaha (my deepest dracula-esque laugh possible) *click*

[FeeBear]

😂, you just made my day!

[RobertEG]

Creditors are required under FCRA 623(a)(2) to "promptly" update any prior reporting such as to maintain its current accuracy.

The current balance thus must be promptly updated as you make payments.

The FCRA does not define when updating must be made in terms of days, weeks, or even months after they are aware of the change.

The term promptly is thus subject to interpretation, but a reasonable interpretation would be within the next regular monthly reporting cycle after the payment has been processed.  That could be one to two months after payment, depending upon how close to end of the reporting cycle that the payment was received as opposed to deposited and processed.

You can file a formal dispute of inaccurate current balance and lack of compliance with section 623(a)(2) once you have given reasonable time for their updating to be considered "prompt."

You can also file a formal complaint with the CFPB if they are a major bank.

[Anonymous]

You definitely nailed the conversation! CCC like Merrick and its lot, IMO, do everything to keep your CS down