One of two things. First, you still owe the money. but you can not use that credit account anymore. or Second, you have paid off the account and the creditor has not notified the credit bureaus that you have paid this account in full. If it is paid in full, I suggest you notify the credit agencies.
If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
that it has been closed by either you or the company- either way it shows as a negative in your report
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
Forever, since it looks good on your report.
If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'
Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better b/c the new company simply pays off that balance for you and you can start fresh.
Remember if you closed these credit cards, your credit score will take a big hit! Its best to just keep the balance open but don't use the cards anymore.
It means that the account was closed by the company that granted the loan or credit. An example would be Chase closing a customers credit card (with or without a balance) due to inactivity, poor account performance, or due to a decline in the customers financial health.
what ever the balance was at the time of foreclosure will report on your credit report
only like 5 months -andrea It must depend on the type of credit report. My 2007 CSC Mortgage Services report has credit card accounts on it that I closed in 1997. No late payments, no negative marks. Just listed there as a closed account. -Lee
It is considered a derogatory mark on a consumer's credit report to have the notation "closed by credit grantor" rather than "closed by consumer".
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
that it has been closed by either you or the company- either way it shows as a negative in your report
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
Forever, since it looks good on your report.