macboy Posted November 1, 2007 Report Share Posted November 1, 2007 I have a line of credit that has been closed by the credit grantor like a year ago. However it has a balance so I've been paying on it to avoid C/O. Can this be reported Late considering it is closed? How can it be late? If I stop paying on it is their only recourse to charge it off (not that this is a good thing).The reason I ask is because I keep paying this $10k line when it does me no good to keep paying because I doubt it makes any improvements to my credit considering it is a "closed" account. Do I have leverage to tell them to either re-open (so I can get credit for my payments) or I won't pay it. Link to comment Share on other sites More sharing options...
Rick9972 Posted November 1, 2007 Report Share Posted November 1, 2007 Actually I have a similiar situation and I keep paying and they keep reporting that I pay. Since positive information is helping me, I can only assume that negative pay history would hurt you. Link to comment Share on other sites More sharing options...
macboy Posted November 1, 2007 Author Report Share Posted November 1, 2007 Who says them reporting you are "paid" is helping? Its a closed account so do we really know whether the "closed" outweighs the "paid" status? Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted November 2, 2007 Report Share Posted November 2, 2007 Yes, they are able to report late if you aren't making the minimum credit. The account being closed only means you can't make purchases against it, by the credit grantor request, and is negative. IMO, I would continue making, at least, the minimum payment. I sounds like you are in default and if they like, they could accelerate the payment and make it all due now. If you keep making good payments they might be willing to open it back up at a later date. Link to comment Share on other sites More sharing options...
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