How does one successfully close a credit card account?

SS MAYFLOAT · Oct 30, 2003

I paid off one of my credit cards (Providian). I paid the balance the day the statement was sent. Marked on the statement and check that it is paid in full and close the account. One month later, I get a statement for $23.45. Finances on previous balance? HUH? Called them, took 45 minuets to talk to a human (dumb one at that) then they wouldn't eat the finance charge. Requested to speak to a supervisior, person of phone said that they wouldn't be able to do anything either. I said "This call is being monitored and I want to speak to a supervisor now". After waiting another 20 long minuets, the supervisor explains that it was intrest that accured while the payment was being received. I explained balance was paid if full, account closed. No more finance charges should be added. She finally gave me the credit and said it would relflect on the next statement. Today I got another statement for 17 cents? Again intrest on intrest. What the heck is wrong with these places. I don't want to spend another hour on the phone trying to get this account closed. Thinking about sending them a check for 5 bucks, close the account, anything left over, put on the next finance charge and so one til it "0" balance and account closed. Any ideas how to get this crap account closed? Thanks SS

NOSLEEP · Oct 30, 2003

Re: How does one successfully close a credit card account?

Stop making payments.

ebbtide176 · Oct 30, 2003

Re: How does one successfully close a credit card account?

dang SSM that bites. when i closed accts, i called before the next due pymt, asked for billing, and asked them exactly what is payoff if they rcv my pymt by the next due date? they get confused if you're trying to pay somewhere between the due dates

neumanns · Oct 30, 2003

Re: How does one successfully close a credit card account?

Rack it up to the limit and miss three payments, That should do it. I feel your pain, it's near imposable to do anything with these corperate phone rooms beyond the three questions there trained to deal with.

marty_scher · Oct 30, 2003

Re: How does one successfully close a credit card account?

SS As a credit card company veteran (don't shoot me

), I can tell you that whoever entered your acct number and check amount, probably saw thousands like it that day and surely did not see the written instructions. The additional charges were for interest (compounded daily) between the billing cycles, as was the 17 cents. Ebb's right about calling in advance to determine payoff and to give notification of account closing. It will still probably be off, but pretty close. I may be bitter, but didn't credit card companies used to be called "loan sharks"? They just can't break your legs

Marty

Homerr · Oct 30, 2003

Re: How does one successfully close a credit card account?

Mayfloat: First off, you did yourself a HUGE favor getting rid of Providian. They are probably the worst credit card company on the face of the planet (IMO). Go here to Consumer Affairs and read about the thieves: Providian Complaints To close the account, send a CERTIFIED letter with a return receipt. Demand the account be closed. Telephone conversations DO NOT guarantee your rights, therefore don't bother to talk to them. As you already experienced, the person you eventually talk to doesn't know a **** thing or the English language. As far as the $23 interest?, consider yourself lucky. Just pay it and demand the closure, AND a letter from them that the account is terminated. I ended up in a class action suit against the thieves, and I am still getting money from them from time to time. Good luck, H.

ehenry · Oct 31, 2003

Re: How does one successfully close a credit card account?

Glue 17 pennies to 17 pieces of a cut up credit card and mail it to them.....I think they might get the message.

ndemge · Oct 31, 2003

Re: How does one successfully close a credit card account?

providian ain't the only one.... I have a GM master card... they raised my interest rate because I was at the limit got myself into trouble, I know.. .and trying to get OUT of that trouble, yeah.. rasing that rate sure helps that...

gonfishn · Oct 31, 2003

Re: How does one successfully close a credit card account?

Ohio law says that even though you close your account it will remain on your credit report as active for three years. It still goes against you rating score..I went through this last year..canceled all but three major cards but credit agency would not show it closed. It does show 00 balance but creditors don't see this unless you tell em when appling for loan...

Homerr · Oct 31, 2003

Re: How does one successfully close a credit card account?

GoneFishin... If you paid the account OFF and closed it, then the reporting agency needs to show it as such. That is law. The best thing to do there is get a LETTER from your credit card company that states it is paid and closed, and send it in as a DISPUTE with the reporting agency. Make sure the credit reporting agency shows it as "Closed by consumer" I find it very odd that your state has anything to do with YOUR credit rating. Equifax, Trans Union, and Experian are separate entities. They are the ones reporting your credit, not your state. Of course, I could be wrong. The laws are so difficult anymore... I've had more than my share of disputes with the credit reporting agencies. I'm getting rather good at them! I have a family member with an almost identical name as mine, and his SS# is only 5 digits from mine. His credit is shot, and mine is good. His stuff gets onto my report constantly. Check your report AT LEAST once a year. I read some time ago that approx. 90% of credit reports have some kind of error. Check your report! Oh can I tell you the conversations and letters I've had with the reporting agencies!.... I could make an entire forum out of it!

H.

SS MAYFLOAT · Oct 31, 2003

Re: How does one successfully close a credit card account?

Thanks. I'm going to send them a certified letter with a check for 20 bucks. That should give me a plus balance. I'm going to tell them that I'm going to charge them 25% intrest on the balance. They charge me intrest on the money from them, it is only fair they pay me intrest on the money that they have from me. Then when they send me a check for the excess of closing the account, I'll wait 3 weeks and send them a statement for intrest compounded daily as they do. Can I do that? I think it is worth the try. Another problem I had was that I overlooked one of my cards from PEP boys. Got the statement in the mail and posted it on my payment board. Then is when I noticed I hadn't paid them. 2 hours later I get a call from some raghead sounding guy wanting to know where my payment was and that I was 2 months behind. I explained I just overlooked the one payment. Both past a present statement would be out in the mail that day. He insisted that I do an electronic transfer. I told him "Praise Allah" and hung up on him.....SS

gonfishn · Nov 1, 2003

Re: How does one successfully close a credit card account?

Thanks Homerr..we have a local Credit Bureau here and this is where I got the scoop. If what you said is true,where on net can I go to find the law pertaining to to my rights. Normally I wouldn't worry about it but I am planning to start building my retirement home next to the Homestead next year. I initially thought by lowering my debt ratio that my rating would be higher. They look at it as debt to income ratio. My problem is that I live in Ohio and building in Minnesota where the laws are different. I have already been approved for 150T but can get a lower interest rate if it wasn't for those old credit cards...Eventually I'll get what I want but I thought getting ready for retirement was suppose to be a carefree time.. Next it will be with the DNR and the restrictions they put on building on lake front property..

marty_scher · Nov 1, 2003

Re: How does one successfully close a credit card account?

SS Don't waste your time and aggravation by sending them more money. Just close the account and pay the final invoice and be done with them. Unfortunately, everything they have done was agreed to, by you when you signed up for the card. All credit cards do this same stuff. The credit card companies play a huge game of "risk". They know that "x" number of people either pay off fully each month, carry a balance, or don't pay at all. They make a little money from the first group, a whole lot from the second and lose lots from the third. The pushy collector is trained to "hustle" electronic payments, since many payers these days are falling behind and CC bills are the last bills they will pay (big surprise). The CC business is a cr@ppy game and one I'm glad (other than the paycheck) to be out of. The moving of the customer service call centers to India is a whole other topic Good luck

Homerr · Nov 1, 2003

Re: How does one successfully close a credit card account?

GinFishn: Here's a few sites. Don't know if they will answer your Q's: Credit Info. Center Credit Mania credit reports online H.

JasonJ · Nov 1, 2003

Re: How does one successfully close a credit card account?

What a pain. I had a Providian and balance transfered the POS as quick as I could. I recently paid off a Capitol One card and it was a breeze. I mailed the full amount, hand wrote on the invoice to close the account and send me a letter confirming the account was closed. A week later I got a letter stating the account was closed and thanking me for my business. No fuss or bother. Of course I get credit card offers every other day from them now, but I can live with that. Debt is an eveil thing. Every time I start to get somewhere with it, I just HAVE to have that new shiny widget for the boat, or the truck, or the home theater.....it never ends....

Homerr · Nov 1, 2003

Re: How does one successfully close a credit card account?

Yes Jason...That's the way it is... I look at it this way: You can't take it with you, so you might as well enjoy it now! Then you're flat broke at retirement living off your kids and the state....

H.

SoulWinner · Nov 1, 2003

Re: How does one successfully close a credit card account?

Try this site: http://www.fair-debt-collection.com/fair-debt-directory.html They have a lot of usefull stuff. Also, do yourself a favor, everyone, go online and find one of the many sources for the Fair Credit Reporting Act, download it, print it, read it. Knowledge is power.

How does one successfully close a credit card account?

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