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chefbecca

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Closed accounts with a balance
On my credit report I noticed that one of my credit cards is showing closed with a balance. I make more than the minimum payment on it monthly. I don't have an available balance on it but I don't know why its showing "closed". I contacted Value City Furniture to ask and they simply directed me to send a letter to the credit bureau dispute center via snail mail. My question is this - since its showing closed, do my payments actually help my credit score or is it having no effect? If it needs to show open to help my score should I contact them and ask them to do that? Or will that hurt? I don't want them to open it and show a big balance if that's going to negatively affect me, but I don't want to be paying this off quickly for NO help towards my score. If its not helping or hurting I will rearrange which accounts I pay off first. I tried googling and searching your site but couldn't find exactly what I'm looking for. Thanks in advance!

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If the payments you are making are showing up on your credit report, then those payments are helping your score.  If they aren't showing up, then they aren't or hurting.  Did Value City state whether or not the account is closed?  You may need to contact them again and talk to someone who understands how they are reporting your account to the bureaus; open or closed.  If they state it is closed, find out why.  Best of luck!

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