What should I do?

[honee]

Hi all,

I opened an account with cap1 in 1/2001 paid on time. Went 120 days late in 11/2003. Cap1 closed the account. I paid the balance due over a 12 month period. I figured that would help some of the damage on my CR.All payments were on time.Then for some reason they send me a letter stating they were closing my account as I HAD REQUESTED. Not only did they send me one letter but they sent me two.

This account has been closed with a zero bal. since 11/04 it does have 8 lates. On my CR it states this account was closed by the credit grantor. I want to dispute the lates and the statement closed by grantor and say I closed account and I was never late. After all...I do have a letter from cap1 saying I closed the accounts. Any advice on what to do?

[quanxavier]

I'm going through a similar scenario with Cap1. I was late about 100 days and my acct was suspended. I was told that if I made six consecutive payments that the acct could be reinstated. I made the payments per their guidelines and zeroed out the balance last month. I called and was told that account was on an indefinite suspension. I was told by my mortgage broker to keep the account open and pay the annual fee because the lates will eventually not factor as heavily. So my report now shows a zero balance with my last late payment in early 04'. My suggestion to you is to submit the letter to CRA and attempt at reestablishing the account with Cap1. Insist on keeping the same acct # so there is no lapse in the reporting.

[Average Joe]

Well, honee, if you actually want to keep the account active, I would call the number referenced on the letter you received and tell them that this has been a mistake and you don't want the account cancelled. You probably have a chance that they will reopen the account!