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I have a credit card that has been reporting as "closed by consumer request" for a few months. My credit union says that everything looks normal in their system. Did a PC hoping that would change it. Nope. New credit limit reports. Balance updates monthly. Still shows closed. They finally did something and it is showing open on EX but not the others. I am wondering how would this impact me shopping for a new card(s). In my opinion I would view it is a charge off that isn't reporting correctly. I know most apps are processed by computers. Do you think they will see it like that? Just trying to be wise before I go out shooting apps.
@increasingmyfico wrote:I have a credit card that has been reporting as "closed by consumer request" for a few months. My credit union says that everything looks normal in their system. Did a PC hoping that would change it. Nope. New credit limit reports. Balance updates monthly. Still shows closed. They finally did something and it is showing open on EX but not the others. I am wondering how would this impact me shopping for a new card(s). In my opinion I would view it is a charge off that isn't reporting correctly. I know most apps are processed by computers. Do you think they will see it like that? Just trying to be wise before I go out shooting apps.
It won't be viewed as a charge off, it would be viewed as a closed account with a balance as long as it continues to be reported as paid/paying as agreed. Just because an account is closed with a balance doesn't automatically make it a negative account. For example, consumers have the option of closing a card and keeping the original terms when a lender changes the account terms (i.e. fees, interest rates, etc.).
If you are concerned, just pay the account to 0 and let it report before applying
As long as it's not reporting as a negative, it's likely a glitch. If somehow you have confirmation of the account closure and TU and EQ refelct the tradeline(s) as closed, then it appears EX didn't 'get the memo' or didn't code it correctly -- would be my guess. In the grand scheme of things, if it displays open on EX, then it can't hurt as far as metrics go.
Curious though, on the logic. Why do you view it as a "charge off" when it's not an actual charge off?
So the account is still open. Its just reporting as closed. I'm assuming it would be viewed as a c/o because it is reporting closed with a balance. EX was updated this month to open status. The other two for whatever reason are still showing closed.
Perhaps get some sort of confirmation that the account is indeed open and good standing in writing from your CU and use that to send in a dispute to EQ/TU to ask them to change its status?
And just cause it's closed with a balance doesn't automatically make it a charge off. As mentioned above, occasionally consumers (or the banks themselves) can close an open account for any reason at any time, which sometimes can happen when there's still a balance showing. But as long as the actual status isn't showing CO/there aren't comments saying it's a CO, it won't be seen as a CO.
I have a card doing the same thing. It was actually reported closed on the cutoff date but I got it reinstated. Disputed to EX 3 times. Now balances are right and reporting but still shows closed. Cardholder doesn't know why it shows either. Did you ever get a solution?
@increasingmyfico Where in the trade line (account) is reporting the as open? is it in the account type where you usally see revolving Installment etc? if so it has nothing to do with account being open or closed. The account type Open means it is a 30 day account where the balance is paid in full each month . True charge cards like some Amex cards are reported as open account types because the balance in full due.
It's Credit One. It reports closed on my CR. Credit One customer service says there is nothing showing closed on their end yet all of my EX disputes don't change it even though the balance/payments started showing now.
It's not charged off
@gotpigs wrote:It's Credit One. It reports closed on my CR. Credit One customer service says there is nothing showing closed on their end yet all of my EX disputes don't change it even though the balance/payments started showing now.
Credit One? Say no more.