help with the "why"

[belhop]

hello,

this is my first post. i found your wonderful board through just general searching on the internet yesterday and i have only been to this site and my e-mail box for the last 2 days, great information and helpful people. I have done extensive credit repair on all three reports of mine. i had increased my credit score from below 500 to ex/629 eq/599 tu/644!

that is had it raised. until....providian sold my accounts to this sb&t or whatever their name is. there is a post someone else authored on this very board about the whole affair. my tu score was 644 in june. it is now 608. my other two reports have also fallen about 40 points apiece.

here is where i need help; why i am posting. the only two things that have changed since june for my reports are

providian sold my accounts

i had three inquiries"hard" (mortgage shopping)

here is why i think i took a score hit. the company that providian sold my accounts to has reported to all three creditors. they are reporting that i have never had a late payment (good) and that i am on time (also good). one of my accounts (i have two) was paid off in april of this year shows closed and has a zero balance. never the less providian sold it and the new company is also reporting this same account with them as zero balance and closed. so it is reported twice zero balance and closed, which is actually an error because i never had this account with the new company, it has been paid off for months!

question 1 would this alone lower my score? i mean this is showing that i closed two $1000 credit card accounts within 4 months of each other.

but that is not all.

my other providian account is closed but i owe $1,100 on it and it is reported as such....twice now! providian has never reported to anyone that they sold or transferred the account. they just show that my last payment was in june and they have never reported to any cra's since. the new company is reporting my july 14 payment already and the account shows as closed and that i owe $1,100 with them as well. so....

question 2 doesen't an account that has been closed by credit grantor but still has a balance due hurt you score? so in may i just had one sccount on my report hurting me this way. but now, since providian is still showing that i owe them a balance on a closed account and the new company is showing this same thing isn't it hurting me twice as bad.shouldn't providian be showing that my account balance with them is $0 since they sold it?

so far the new company has it right, prov. has always been good about reporting changes until now. take a stab at both my questions if you know the answer, i must figure out my corrective action to get the errors fixed but i am going to wait on some folks to chime in with their advice first. if i am not mistaken providian has just cost me 40 points on all reports due to the way this change was all reported. some of you other folks that had an account buy-out from providian let me know what happened to yours? similar? did your score change?

i want to thank everyone here in advance, everyone so far seems so very helpful and i am sorry this post is so long but i couldn't think of any other way to put the problem to where you would understand it. thank you all again.

[IHateCAs]

hello,

this is my first post. i found your wonderful board through just general searching on the internet yesterday and i have only been to this site and my e-mail box for the last 2 days, great information and helpful people. I have done extensive credit repair on all three reports of mine. i had increased my credit score from below 500 to ex/629 eq/599 tu/644!

that is had it raised. until....providian sold my accounts to this sb&t or whatever their name is. there is a post someone else authored on this very board about the whole affair. my tu score was 644 in june. it is now 608. my other two reports have also fallen about 40 points apiece.

Columbus Bank & Trust... My hometown.

here is where i need help; why i am posting. the only two things that have changed since june for my reports are

providian sold my accounts

i had three inquiries"hard" (mortgage shopping)

here is why i think i took a score hit. the company that providian sold my accounts to has reported to all three creditors. they are reporting that i have never had a late payment (good) and that i am on time (also good). one of my accounts (i have two) was paid off in april of this year shows closed and has a zero balance. never the less providian sold it and the new company is also reporting this same account with them as zero balance and closed. so it is reported twice zero balance and closed, which is actually an error because i never had this account with the new company, it has been paid off for months!

If you give it time, they may have a very nice positive effect for you. The recent age is probably lowering your score right now.

but that is not all.

my other providian account is closed but i owe $1,100 on it and it is reported as such....twice now! providian has never reported to anyone that they sold or transferred the account. they just show that my last payment was in june and they have never reported to any cra's since. the new company is reporting my july 14 payment already and the account shows as closed and that i owe $1,100 with them as well. so....

Dispute as a duplicate. THAT is what's hurting your score. It's affecting your utilization up to four times (depending on your credit limit) and UT% counts for like 30% or something.

Are both being reported by the same creditor? Or is it one for Providian and one for CB&T?

[belhop]

first of all, thanks for your reply and for your time.

providian is still reporting both my accounts with them. the one is closed with a zero balance, so i don't see where that is hurting anything. the other account is closed and i still owe them over $1k. cb&t is now reporting both of these accounts as well, with a new account number, same circumstance, one account reports as "closed by credit grantor" but still shows me as owing over $1k, which, by the way, is correct but i am paying my payments on time.

I had read before that a closed account that still had a balance hurt your score. so i am just assuming that the bad effect it was having just doubled, thus lowering my score. using this logic if providian would show my account as zero balance then i would get at least a few of my points back.

[IHateCAs]

first of all, thanks for your reply and for your time.

providian is still reporting both my accounts with them. the one is closed with a zero balance, so i don't see where that is hurting anything. the other account is closed and i still owe them over $1k. cb&t is now reporting both of these accounts as well, with a new account number, same circumstance, one account reports as "closed by credit grantor" but still shows me as owing over $1k, which, by the way, is correct but i am paying my payments on time.

I had read before that a closed account that still had a balance hurt your score. so i am just assuming that the bad effect it was having just doubled, thus lowering my score. using this logic if providian would show my account as zero balance then i would get at least a few of my points back.

In that case, I'd dispute the Providian TL that was showing a $1k balance. I'll give them the benefit of the doubt and say they haven't updated yet or the CRAs are being their usual slow selves.

Dispute the balance and the account status as "incorrect".

"Please delete the listing by Providian with account #123456xzy. The balance is incorrect. The account status is incorrect."

You'll get either a deletion, or change to a $0 balance. Either is acceptable, although the latter might be more beneficial.

Properly updated it should say $0 for balance "closed/transfered" under status.