Closed account reporting open

[mwally007]

OK, I have a dilemma. I have an account that was closed by the BOA. My balance was $2500 and with fees, etc... the account made it's way to $3300 (bastards).

Well, I made a payment in OCT 05 for $3100. At this point it was 60 days late (for the second time), but good thing it didn't go to collections. Over the next five months, BOA took the remaining amount out of my bank account, but kept reporting it late: 30,60,90,120,150. Pretty crappy to do when someone makes a $3100 payment and is making payments at a higher amount than before the account went to collections... oh well. That was before finding this site.

So after paying it off in April 2006, BOA continues to report it as open with a $0 balance. I called them and they verified the account has been closed for well over a year.

So, should I dispute it and risk losing the tradeline? It's reporting a $2500 limit (my highest).

To recap: I have 3 30's, 3 60's, 1 90, 1 120, 1 150. The last late was APR 06.

Thanks!

[vbclown]

I'd say don't do anything. Having open credit lines doesn't hurt and can only help your FICO. Having open credit lines with high balances is what hurts.

So right now, you've got a credit line with $0 balance, $2500 CL (which helps keep your percentage of used to available credit low), and your getting credit for being current every month, and you aren't paying any annual fee, etc... for the account. That's pretty much a win.

I have several old accounts, that I closed some years ago thinking it would help my report, and I really regret closing them now. In one case I was able to re-open the old account with the same account number, and got an instant bump in my FICO!