How do you rebuild your credit if credit cards close your accounts - even AFTER you have NEVER made any late payments?
I was forced to do a Deed In Lieu with my Miami property because I could not sell it after being relocated to another city over 4 hours away - and the house was on the market for over 3 years (banks sabbatoaged 4 sales, including my short sale because they didn't know who my investor was).
I can't declare bankruptcy because I now have an income. However, every time I pay "Skank" of America, it is going to show they closed my account and it is going to keep hitting me negatively even though I have NEVER MADE any late payments.
How do you rectify this to the credit bureau (s) to show your a victim of bank "assumptions" and it is not from late payments?
Since your credit cards have been closed, your credit history is lost and so your score will definitely come down. Now, since, the credit card company has closed down your card, you should pull out your credit report and check whether it is listed as "closed by grantor" or not. If it is not listed as "closed by grantor", send letter to the bureaus asking them to change the status of the listing.
You need not prove it to the bureaus that you have never made a late payment. It is already reflected in your report that you are regular with your payments. However, there may be many reasons for the banks to close the credit card accounts. Closing accounts has nothing to do with late payments.
Closed credit cards by grantor
Why pay off my balance since my credit cards are already closed?
I agree, I paid off 4 delinquent accounts and they still are in the negative column of my report, they show settled, paid in full but they still haunt me. Just recently we applied for a loan and I was still questioned about the accounts on the negative side of my report even though they clearly state that they are paid off.
If I had it to do over again, I probably would have taken the pay for delete option had I known about it.
This is just my experience.
You list o good reason why most do not pay off their old accounts. Granted a person may have defaulted but the companies can give them a good reason to continue to pay off the account. What does it really hurt them, after they were paid, what YOUR credit report says? Now unless Evelyn your debt is not past the statute of limitations for collecting debt then I would try to pay. If however you are then the choice is yours. Just remember they, the debt collectors, will hound you for years (believe me I know) and call everywhere to get contact information on you, including family members.