Greeting to the CreditNet gang: I am a newbie that has been lurking and reading threads galore on this board but haven't found one like my situation to date. All advice appreciated. Here is my scenario: Opened CC with Bank A in the 80s. Bank A closed the account due to several late pays when I was unemployed. I communicated with Bank A officials, stayed current on the closed account and continued to make payments. Bank A sold the account to MBNA; MBNA took it over this year. I got my credit reports through myfico and noticed that MBNA is reporting all history established with Bank A under their tradeline including the late pays (Bank A gave me a clean tradeline). I have always been current on MBNA . Can I dispute the MBNA tradeline on the late pay dates since they were not in the picture at the time the infractions occurred? Can a bank assume the credit history established with another bank account as well as the debt? Seems to me this is inaccurate reporting since it appears I had 2 CCs from Bank A and MBNA going... P.S. For those of you with MBNA woes, I can sympathize. One month after they bought the account, they tried to jack my rate to 24.99% and informed me via a stuffer (printed in 4/6 font) included in my bill. I was given the option to close the account, which I did (in writing via MCCR); since the account was already closed by Bank A, I didn't have the ability to use it and wanted to pay at the rate (<15%) vs 25%. The funny thing is, my ex got an MBNA card in school (post-divorce and 60K in the hole) and continually gets payment breaks from them (take a holiday on us, interest will continue to accrue) every 3 months. After reading this board, I now realize how much MBNA caters to the graduate professional sector, irregardless of student loan indebtedness.
The simplest answer is you can dispute anything on your cr. It has to be accurate and VERIFIABLE. What you have to consider in the FICO game is..is this my oldest account? Is the age of the account helping more than the late pays are hurting? (You have to assume that the whole TL could get deleted as opposed to the lates. Maybe more details on the account?
Hi jlynn, thanks for replying The MBNA account has a balance on it that is going to take awhile to pay off (about 6K) so I doubt it will be deleted. I had not thought about the consequences snowballing on an old account and this may be a mess. On the CR in question (EXP), Bank A closed the account but it is reported as having been closed at my request (Not true). Balance is blank. No negatives were reported by Bank A (which was nice since I had several...). The MBNA tradeline is reported as having been closed by MBNA; again, not true, I requested the account be closed in response to their attempt to jack the rate to 25% upon acquisition this year. MBNA reported a negative late pay on the account which occurred in 2001 when Bank A owned the account. Both Bank A and MBNA show the account as having been open in the mid80s (accurate for Bank A, not MBNA) It is one of my oldest and active accounts. My concern is that I am gearing up to rebuild my credit as I had voluntarily closed all my CC accounts (most paid off) and only have this one + a LOC + a mortgage. I have ~10 tradelines that are perfect but closed. The only negatives on the account are my mortgage (late pays incurred when I was unemployed, but I am current now) and one late pay on the MBNA account (which occurred in 2001 when Bank A owned it not MBNA). Also, can Bank A place derogatories on their TL if it is now with MBNA? I was hoping by cleaning this up that I might be eligible for a BT (of my LOC) with a prime, not sub-prime CC. My present FICO scores: EXP =680s TU = 660s EQ = 650s Would I be better off ignoring all of this and trying for a prime CC or start building with a dept store CC for a few months to get a current record, then going after a CC? Thanks for your input, Dewey P.S. I loved your thread on the great DQ caper. Way to finesse 'em, jlynn
