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Did Capital One Customer Service Pull One Over On Me?


credithelp2013
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 On my credit report it lists a Capital One credit card as still open. I know that this account was closed by Capital One in 2011. I logged onto the online account access and the account shows the account as restricted. I called Capital One to see if the account was actually closed or if possible that it might be reinstated. The Rep. said that he would check into this for me and placed me on hold. The Rep. came back and said that unfortunately this account could not be recativated. He said that what he could do was close the account completely. At that point I told him that I was not sure about closing the account because even though it was closed by Capital One it shows as open on my Experian credit report and my fear is if it was closed it might hurt my credit score as it would show me with less available credit. The Rep. convinced me that even if this was showing as open on my credit report it was reporting with a zero available credit balance. He stated that if I closed the account today that they would stop reporting this account and it's complete payment history. The Rep. was actually pretty helpful and said that if my purpose was to improve my credit this was the best way to go. As this account had numerous late pays and they will not drop off until 2017, I went ahead and had him close the account. Was this the right thing to do?

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Yes,  sorta.  What is going to happen is Crap 1 will now ACCURATELY report the account as "closed".  Depending on wgere you got the credit report you were looking at, its possible they've already been doing that.....many of the "do you know what your credit score is?"  type web sites are inaccurate, incomplete, or out of date,

 

The bad news is, the lates and history are probably not going away.  Unless the guy you talked to arranged to have the tradeline deleted (highly unlikely), it will continue to report, lates and all, for years.

 

What will this do to your ""sucker score"...your actual FICO Consumer Score, the one we're allow to see, may change a couple of points...but its hardto tell which way.

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In general, the FICO Mortgage Score would prefer to see relatively low unsecured credit.  A single open $300 card won't hurt you at all, as long as its been paid on time.

 

No guarantees, but if you have the equity in your house to cover it with maybe 10-20% left over, a 2nd mortgage is worth a try...

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