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Providian...Acct closed by credit grantor...Help


Wb5896
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First I would like to say this site has helped me a great deal. After searching the arc ive got a plan together. But this providian acct has me stumped on how to approach it. On my report it states (Acct closed by credit grantor) although ive been paying then on time every mnth for about 8 mnths. Should i write a good faith letter to get them to reopen the acct as paid as agreed? Any sug would be greatly appr, thanks in adv

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yes, you should.

Or, you could dispute with the CRA that the account was closed at YOUR request, which is seen more neutral than a creditor act.

Doid Providian give you notice they were closing the account? If not, you may have them on a FCRA violation. Use that as your argument for reopening or re-reporting it as closed at your request.

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wb5896: A little more information about the account would be helpful. Is this actually an open, active account that is being incorrectly reported as closed? Was the account charged off by the OC but then you subsequently resumed making payments? If so, you may want to negotiate with the OC for a pay-for-update to "Pays as Agreed" or, if they won't go for that, at least a pay-for-delete.

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Thanks for the help. The acct was past due and I made a payment over the phone to get it current. Soon after they closed the acct, but continued to send me payments which ive made on time for about 8 mnths. Then I called to ask why acct was closed and what did I need to do to get acct reopened and they told me I had to pay it off.

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One positive thing is that it sounds as if the account was not charged off. Much, much better to have the TL reporting as "account closed" than "chargeoff." Chances are, though, that you will need to pay off the current balance before they will consider reopening the account. Is that a possibility (paying off the account)? Is this a credit card account? You should keep the lines of communication open with them, tell them you are now on firm financial footing and that you hit a temporary bump in the road. Ask if there's a possibility if you pay say, 50% of the balance down, that they will reopen the account with a positive tradeline. Sometimes it just takes speaking with the right person to make things happen.

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your CR should show this as a closed account in the status line and "pays as agreed" in the remarks section.

Once you get to 12 months of payment, ask Providian to lower your interest rate ( I assume you are paying a high rate) based on your history.

Better yet, call them and ask to be put in their rehab program. They give 8% interest to some of the consolidation firms for a 12 month period. Squeaky wheel and all that

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It sounds, then, as if the TL isn't really hurting your scores, even with the "closed" status. Keep at the OC with the goodwill route. Since it wasn't charged off and you've resumed making timely payments, I would think they will work with you. Like Recovering said, 12-months is probably the magic number.

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