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Question By
monkeybear87

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Will closing a credit card hurt my credit?
I have poor credit and although I am repairing it, I was only approved for a secured credit card with a high APR. But 2 years ago I made 1 payment late and now it shows as an "adverse account" even though since then I have made payments on time and kept my utilization at or under 30%. If I close it will it help or hurt my credit score?

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Clsoing it will hurt your score.  Any late payment older than 2 years is no longer affecting your credit score, so this is actually a "good" account.

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I think you're always going to have that late payment show no matter what you do with the card. You should keep it open though and keep making those payments along with keeping your usage down. If you close it, it would probably be really hard to get another secured card. Keep it open to prove you can make payments on time.

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This is how to get it off your report

The Credit Agencies only report what the credit card companies TELL THEM. 
The credit card company has the power to "forgive" that late status and report that revision to the 3 credit agencies.

Write the credit card company a "Goodwill letter" basically reiiterating exactly what you wrote in your post and how you've been a good paying customer. You're basically admitting you screwed up but asking them to adjust your account for that single lapse in your account. The fact that it has been a while since the lapse works to your advantage because yo can point out that you've been a great paying customer snce then and have kept your utilization under 30%

A letter works rather than using their computer complaint system because PEOPLE READ LETTERS (its nto an automated computer system). Be humble, polite, and sincere and in most cases they will make the adjustment  and your credit file will be revised to reflect the positive rating. 

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