I have an 8000.00 credit card which now has a 500.00 balance. Have had the card for probably 2 years now. This card has 100% positive payment history, for the record. Got the card to use the 0% APR balance transfer feature, which was set to increase to 2.99% after a year & a half which it did. No biggie, because that was still worlds better than what I used the money to pay off. But now that CC companies are being forced to shape up, I got one of those friendly notes that they'd be increasing my interest rates, etc., and if I didn't like it I was welcome to not accept the changes, but that would mean I was cancelling the account. So, what may initially seem like a positive marker on my CR isn't exclusively positive. First, the benefits of the card are rapidly diminishing with the increased APR. For that, I'll use a card I've had for 20 years that gives me excellent rewards and customer service (the opposite of this company). So now all it is is just another credit card/revolving credit, bumping that ratio up compared to other kinds of debt (which honestly, I don't have anyway), AND it has lowered my average age of accounts....and now I won't be using it because of the interest rates. On top of that, for a personal reason I simply do not want it showing up on my CR anymore. Not positive...not nothing. I want it to disappear. Is it possible to have entire tradlines removed? I've heard of people with bad debt offering to pay off the debt in order to have it removed, but I certainly don't want to find myself in that situation. I want to close the account and have it go away....and now, not in 10 years. Would I talk to the creditor? Or to the credit bureaus? Best first step? I know that many would find it crazy or stupid to remove something positive like this, but it's not all positive, if you read above. So please, no lectures on what an idiot I'd be...just advice as to how to make this happen and if it's even possible. Thanks
I can honestly say I haven't seen this question before. My intention is not to lecture you, but I just don't think it would be worth your effort to delete this account from your credit reports. Your credit utilization ratio accounts for about 30% of your credit score, which is really what you should be considering in this situation. If you lose the $8,000 limit, will it significantly affect your ratio and hurt your scores? If not, and you're just ticked off at the company and don't want to do business with them anymore, then pay the remaining balance off first, cancel it, and move on with your life. Make sure that it shows up on your credit report as "closed at consumer's request", and it's not going to affect your credit score all that much.
Honestly, part of the problem is that I stupidly got this thing on my own, without discussing with my partner, so I want it to go away. So I have credit reasons why I don't like it, but personal as well. I just called Chase & he said NO. He said "If I could magically push a button and this would go away I'd be happy to, but I can't." Which doesn't make sense to me with all of the people in debt trouble who seem to be able to get their tradelines removed. How do they do that? Is there a way (after a painful period of waiting) that I can call the CBs and ask them to remove it themselves? Obviously, it's not like I'm tricking new or potential creditors about my history...I'm not trying to hide any delinquencies from them or anything. Ugh....Any further advice? Thanks, E
I doubt that there are many people who get OC tradelines removed. Most of the tradelines removed would likely be from CAs. The creditor signed an agreement with the credit bureaus to report accurate information. As long as it's accurate and an original creditor, I doubt that you'll get it removed.
The FCRA also requires creditors to report accurate information. The best thing I can think of in this case would be to close the account, wait a year or two and then dispute the tradeline. If the OC has flushed the record of your closed account, they'll remove it because they can't verify the accuracy of the tradeline. I don't know how long Chase keeps their records so it could be a while before this works, but, eventually, (as in a couple of years or so) you should be able to make it come off your credit reports.
