phony line of credit dispute

[makeynik]

Hi, I am new here, but picking up valuable stuff

2 years ago, in desperation, I opened a "credit building account" with my bank. It is a dummy account, a savings account where they kinda "float" a deposit of $1000.00 to you, you make payments with principal and interest towards repaying that $1000 (you can access your principal as it builds or leave it untouched-a forced savings plan). Well, I am a single mom back in school at the time and I was always taking out my paid principle and not always making my payments on time...so I have a few 30's and I think 1 60. I finally called up the guy that opened it because he said you could close it at any time and I did.

Well, I sent a GW letter a couple weeks back because I want to be able to get a car loan in a few months and was told no, it is not their policy to delete, because it might work against them if they made exceptions etc.

My question is, the guy put on my credit TL that the original line was for $14000, like a car, I guess, so that it would look good if I actually had managed my payments...so can I dispute the original balance and get it removed because it is pretty much a lie (although it was with good intentions?)

Thanks...

[BungalowMo]

That's kind of wierd.  I've never heard of such a thing.  Who was the bank?

Is it now showing as PIF?  When was it opened & when was it closed?  Not too sure I'd dispute that original balance as having that kind of # as a loan might look good overall. 

Mo

[Anonymous]

I don't suggest disputing.

I'd get it your original papers and reading them closely.

Quite possible that they did do a loan for $14000 and immediately repaid $13000, leaving a $1000 for the "dummy" account.

[makeynik]

Thanks...I will check...good suggestions...

When you are first trying to sort things out, you want to make it ALL go away! So it is good to know the value in credit matters.

[makeynik]

It was my local bank...Union Savings Bank...Northern IL...it seems like a good plan for anyone out there...at the time though, I didn't know my head from my "tail," was grasping at straws...the payments were low too...I think about $48...put $48 buys a lot of groceries at Aldis when you are broke and desperate!