@Anonymous wrote:Hi!
I haven't found the answer to my question anywhere, not even in a book I purchased! I'd love some input if you don't mind.
I opened a CareCredit account in Sept. of 2017. I received a balance of $5,000, of which I used 100% to pay for a surgery in February. I was unable to work for a few months, but long sob story short, I'm stable back at work now and ready to fix things up. I'm on it! I'm constantly reading about how to improve my credit.
Anyhow, during this time, I accrued late payments, and after 6mos, they went ahead completely closed my account. They had my address wrong, and weren't sending me statements, and I was not responsible in contacting them (yes, I deserve your judgement) to explain my delinquency during that time.
A few months ago (as soon as I was able to), I called before it would get sent to collections, I paid 10% of the debt to keep it "inhouse" and have been making monthly payments on it ever since.
I guess what upsets me the most is that the account reads as "closed" on my credit report, that I cannot simply call the 1800# to make my payments (I have to call a special number during special hours), I cannot log-in to the online services, and if I ever have an emergency, I'm not able to use the card at all obviously. I'm paying off something I can't ever use again, and that pisses me off! I really wanted to maintain my account with them for the future, as I work in animal rescue and it would come in handy. As far as the balance goes, I'm "up to date" with where I would have been on my monthly payments, or more actually, had they not closed my account.
I also wonder how their major mess-up with my address affects my responsibility here. They had it ALL WRONG.
They gave me a settlement amount, but like I said, I *want an account with them* and want to keep making payments.
Is there any way to restore my good standing with them now? Besides having to start all over!
Have any of you accomplished this before? Please reserve your judgement on me; I know this was entirely my fault.
Welcome to the myFICO forums!
Sorry that you are experiencing these issues. Most creditors will close accounts when they are 120 days late. As for reopening, I would not hold out for this to happen, as letting your account default 120+ days, you are a bad risk to Synchrony Bank.
By paying the 10% of the outstanding debt and having Synchrony Bank keeping the debt in-house, you saved Synchrony a financial loss as they are not paying a collection agency to recover the debt nor did they sell the debt for a substantial loss.
I think the best outcome you can expect is to negotiate a paid in full as agreed notation on the account. If you can't get a PIF as agreed then perhaps you might be successful with requesting a goodwill adjustment from Synchrony and have the Closed by Creditor account removed from your credit report.
Good luck and best wishes.
@Medic981 wrote:
@Anonymous wrote:Hi!
I haven't found the answer to my question anywhere, not even in a book I purchased! I'd love some input if you don't mind.
I opened a CareCredit account in Sept. of 2017. I received a balance of $5,000, of which I used 100% to pay for a surgery in February. I was unable to work for a few months, but long sob story short, I'm stable back at work now and ready to fix things up. I'm on it! I'm constantly reading about how to improve my credit.
Anyhow, during this time, I accrued late payments, and after 6mos, they went ahead completely closed my account. They had my address wrong, and weren't sending me statements, and I was not responsible in contacting them (yes, I deserve your judgement) to explain my delinquency during that time.
A few months ago (as soon as I was able to), I called before it would get sent to collections, I paid 10% of the debt to keep it "inhouse" and have been making monthly payments on it ever since.
I guess what upsets me the most is that the account reads as "closed" on my credit report, that I cannot simply call the 1800# to make my payments (I have to call a special number during special hours), I cannot log-in to the online services, and if I ever have an emergency, I'm not able to use the card at all obviously. I'm paying off something I can't ever use again, and that pisses me off! I really wanted to maintain my account with them for the future, as I work in animal rescue and it would come in handy. As far as the balance goes, I'm "up to date" with where I would have been on my monthly payments, or more actually, had they not closed my account.
I also wonder how their major mess-up with my address affects my responsibility here. They had it ALL WRONG.
They gave me a settlement amount, but like I said, I *want an account with them* and want to keep making payments.
Is there any way to restore my good standing with them now? Besides having to start all over!
Have any of you accomplished this before? Please reserve your judgement on me; I know this was entirely my fault.
Welcome to the myFICO forums!
Sorry that you are experiencing these issues. Most creditors will close accounts when they are 120 days late. As for reopening, I would not hold out for this to happen, as letting your account default 120+ days, you are a bad risk to Synchrony Bank.
By paying the 10% of the outstanding debt and having Synchrony Bank keeping the debt in-house, you saved Synchrony a financial loss as they are not paying a collection agency to recover the debt nor did they sell the debt for a substantial loss.
I think the best outcome you can expect is to negotiate a paid in full as agreed notation on the account. If you can't get a PIF as agreed then perhaps you might be successful with requesting a goodwill adjustment from Synchrony and have the Closed by Creditor account removed from your credit report.
Good luck and best wishes.
@Medic981 I think that makes sense.
Op welcome, and to echo what CreditGuy said, the people that you comes across in here are not here to judge. Most of us (myself included), have come from similar backgrounds as yourself in that we came here in the early stages of some form of rebuild to our credit. That means we've also made our own mistakes as well! The key is trying to learn from them and help others like you with our experiences and knowledge that we gained in the process. And guess what? You hang around long enough and you will find yourself in the position to help others too!
is it reporting on your credit as charged off?
I would write a letter and submit to BBB to see if they can reinstate / goodwill the lates as you never got the statements and you were medically impaired.
You may be able to get thru to someone that way.
Worse case is:
settle the debt OR pay in full. Doesn't matter.
In 13 months (synchrony's rules) for opening a new account you can apply for a new account.
I would write a letter and submit to BBB to see if they can reinstate / goodwill the lates as you never got the statements and you were medically impaired.
You may be able to get thru to someone that way.
Worse case is:
settle the debt OR pay in full. Doesn't matter.
In 13 months (synchrony's rules) for opening a new account you can apply for a new account.
