Closing Credit Card Accounts and Credit Report

[jen7233]

Two years ago I closed out my Midas car service credit card with Synchrony Bank. It still is listed on my credit report as "open". When I called Synchrony, they verified that yes, the account is definitely closed. Also listed as "open" on my credit reports is a loan I paid off about a year and half ago from another bank. Today I decided to close my Penney's and Kohl's cards, I'm trying to consolidate bills and make life simpler. I'm not trying to buy a house or a car anytime soon, so there's not a personal concern with having a lender see too many open accounts. I'm just wondering why they are still not reflected accurately on the reports.

I have MyIDCare free to view my credit reports, so I'm able to view all three major credit reporting agencies. Does anyone know how long it might take for the agencies to list these accounts as closed?

 

[MikeNamez]

Someone correct me if I'm wrong, but I believe your credit report is updated monthly. In past experience closing cards, selling a home and getting a new car typically within 30 days of closure that should be reflected on the report. If your using Creditkarma.com under your score it shows the last time it was updated. I wouldn't even no where to begin to start getting that corrected though because I'm sure the account holders side shows everything as "Closed". Good luck!

 

[miztressuz]

Usually within a couple months, all depends on the reporting cycle of the company. There didn't use to be a standard, so some did it quarterly and others monthly depending on the activity on the account. Now that there's much more information reported, most stuff is more frequent but could still take a couple cycles to post. If it's still there after a couple months and you've confirmed with the company it's closed, you can open a dispute with the credit reporting agency. Sounds like an extreme measure, but it just let's the agency start the inquiry with the company and they have to get an answer back in a set amount of time. So the agency would ping Synchrony, Synchrony says 'oh yeah it's closed', agency updates the report and resolves the dispute.

I used to have a couple accounts on some reports that were listed open years after they were closed... so long that the company didn't even have a record of the account. For those that's the only way I could get it closed because the company had no way to say it was closed since there wasn't a record

 

[Jimsig]

As an FYI when cancelling a card/account always ask them to note that it is being closed at you request. I was told that by a mortgage broker. That way when you next apply for credit they know it was you that closed it and the credit card company did not close it on you. And of course never close an account that you still own money on. Pay it off first then close it.

 

[tvguy]

I would think they should indicate they were closed at the request of the cardholder.

My credit report takes some research to figure out when it comes to loans. The lenders listed on the 3 mortgages and 4 auto loans I have had over my life are all people I have never ever done business with. The actual lenders either got bought up, merged or went belly up, and the loans are all listed with the name of whoever took them over.

 

[gottalovepluto]

You need to file a dispute with each credit bureau & the issuer of the bad information. Clear the situation up now while you have the time, those 2 errors will not resolve on their own at this point.

 

[gottalovepluto]

As an FYI when cancelling a card/account always ask them to note that it is being closed at you request. I was told that by a mortgage broker. That way when you next apply for credit they know it was you that closed it and the credit card company did not close it on you...

Unnecessary, if you request it be closed that is how it should be notated regardless of what you ask your banker to note in your file. Requesting they do their job right isn't your responsibility- it's the bank's responsibility to make sure they do this right. If you ever close an account & it shows as closed by bank immediately file a dispute with the credit bureau & company that provided the faulty info.

OP, FWIW the easiest way to close a credit card is via Secure Message through your login on the credit card company's website. Gives you immediate written confirmation of everything & avoids the "why are you closing?" and "we have great deals for cardholders!" nonsense.

 

[Jimsig]

Unnecessary, if you request it be closed that is how it should be notated regardless of what you ask your banker to note in your file. Requesting they do their job right isn't your responsibility- it's the bank's responsibility to make sure they do this right. If you ever close an account & it shows as closed by bank immediately file a dispute with the credit bureau & company that provided the faulty info.

You are right it should be unnecessary, but why go through the hassle of maybe having to file dispute when it only takes 2 seconds to say you want it noted as closed at your request it over the phone? Better to be safe then sorry.

 

[supersnoop]

Keep in mind that your credit score heavily weighs the length of your credit history, and that history is based on your oldest open account. Never close the oldest one if you can help it.

 

[jen7233]

Thanks. I am going to call back these banks and tell them to list these accounts closed. There is no money owed, and has been so long since I called to ask them to close my account. One is easy enough, I deal with the bank that had the completed loan alot as I have my savings with them. The other, Synchrony, I don't normally deal with. I think they are also the bank for JC Penney cards. Have to look into it.

 

[MomToOne]

I have several that I've closed that still show as open. They actually improve my credit score since my credit usage percentage looks better as a result (I'm pretty close to 0 anyway since I pay everything off every month, but with the monthly amounts I charge these excess amounts make my usage percentage look even more negligible). I wouldn't bother fussing at them to flag them closed.

 

[DreamIsaWish]

You are right it should be unnecessary, but why go through the hassle of maybe having to file dispute when it only takes 2 seconds to say you want it noted as closed at your request it over the phone? Better to be safe then sorry.

Agree that it should be totally unnecessary. But it should also be unnecessary to ask the account be marked as closed 2 years after it actually closed. Clearly there is something that went wrong with their bureau reporting and so I agree that OP would be best to be super specific with the bank. And then of course follow up because clearly it didn't work the first time.