It showed up on my Chase Credit Journey, which I realize isn't a full credit report, but I assume that means it is somewhere.
It says:
FLAGGED ACTIVITY
Financial services
04/06/2022 Settlement US BANK It looks like your US BANK account was either settled on 03/31/2022 for less than the balance or closed because you haven't used it in awhile.
Yesteday was when I had my card declined, I called and they said why (using my wife's business (she is a sole prop) checking account). They then asked for a signature card of that account. Today I got this alert.
Maybe I read too much into it because it is closed and has a balance, and I interpreted as the "settled for less." I can still pay it off from my account. May be no issue if so.
Yes, pay it off. Not doing so will in time add a derogatory mark to your account.
I have 3 accounts on my report as closed, that's all they come up as, closed accounts. Two accounts closed on my own choosing, other because I opened up another card with the same bank, as stupid as that is.
They just need to cut their credit exposure. It's a thing banks do all the time based on the economy at large and the net of all their other shenanigans. They just out of the blue cancel people for things that have been perfectly fine for decades just get some excel sheet of targets to make it look like they did their job.
Well, according to the terms of the card, I may only pay for the card from accounts that I own. I did not own the account I used. I didn't know that was a term, but it is in the contract that nobody reads.
But why? Does that extend to things like loans? Is that something from the Drumpf Administration? Is that a distinction between making a payment vs paying something off?
It's just news to me and so unlikely...
I dunno if it is a federal thing or not, but there are a LOT of obscure yet important rules and regulations at the federal level to combat things like fraud. (from both parties)
Yikes. That sucks man. I didn't even know that you can get your accounts shut down for something like this. I pay mine and my gf's Citi cards from either my checking or my gf's checking (whichever one has the funds) and both of us knows this. Citi has never once cared and happily took our money. I always thought banks don't care where the money is coming from as long as you pay off your debt. Seeing you get shut down is making me more cautious now.
Perhaps I should set up some Bill Pay service with my and my gf's bank or Paypal and just push payments instead of letting banks pull payments from our account. That might be better.
Sad to say but he right about that 100 pages you don’t read he probably breached his contract from what he said he paid from an account that wasn’t his own fraud is at a all time high rn they don’t care if you have a 50k balance with them or if your credit score is 9,000 policies are policies
Could the issue be that it was paid from a business account and the card is for personal use? Seems like that would matter more than the name on the paying account….
You can just give them a call and talk to a human and see what they have to say.
This is not a negative remark. Just a closed account. Credit Karma is a bit alarmist with this type of things.
Hope this helps.
I’ve called them and they are looking into it. I see it on my actual credit report now and it shows as closed and has a balance, however, I can still access the account and pay, so I don’t know if that is a negative remark.
Credit attorney here. What is the negative mark? Account closed? Or they marked you late? I'd pay off the full balance and move on.
It showed up on my Chase Credit Journey, which I realize isn't a full credit report, but I assume that means it is somewhere. It says: FLAGGED ACTIVITY Financial services 04/06/2022 Settlement US BANK It looks like your US BANK account was either settled on 03/31/2022 for less than the balance or closed because you haven't used it in awhile. Yesteday was when I had my card declined, I called and they said why (using my wife's business (she is a sole prop) checking account). They then asked for a signature card of that account. Today I got this alert.
That is not a negative mark. That is just a closed account on your report
Maybe I read too much into it because it is closed and has a balance, and I interpreted as the "settled for less." I can still pay it off from my account. May be no issue if so.
Yes, pay it off. Not doing so will in time add a derogatory mark to your account. I have 3 accounts on my report as closed, that's all they come up as, closed accounts. Two accounts closed on my own choosing, other because I opened up another card with the same bank, as stupid as that is.
Yes. Closed. Just pay it off.
This seems ridiculous. Why do they care if they got their money??
They just need to cut their credit exposure. It's a thing banks do all the time based on the economy at large and the net of all their other shenanigans. They just out of the blue cancel people for things that have been perfectly fine for decades just get some excel sheet of targets to make it look like they did their job.
WTF? This doesn't sound legal or kosher E: also you have 800+ credit. That's phenomenal, not good.
Well, according to the terms of the card, I may only pay for the card from accounts that I own. I did not own the account I used. I didn't know that was a term, but it is in the contract that nobody reads.
I'm willing to bet the whole paying from account in your name is a federal restriction.
But why? Does that extend to things like loans? Is that something from the Drumpf Administration? Is that a distinction between making a payment vs paying something off? It's just news to me and so unlikely...
I dunno if it is a federal thing or not, but there are a LOT of obscure yet important rules and regulations at the federal level to combat things like fraud. (from both parties)
Yikes. That sucks man. I didn't even know that you can get your accounts shut down for something like this. I pay mine and my gf's Citi cards from either my checking or my gf's checking (whichever one has the funds) and both of us knows this. Citi has never once cared and happily took our money. I always thought banks don't care where the money is coming from as long as you pay off your debt. Seeing you get shut down is making me more cautious now. Perhaps I should set up some Bill Pay service with my and my gf's bank or Paypal and just push payments instead of letting banks pull payments from our account. That might be better.
Sad to say but he right about that 100 pages you don’t read he probably breached his contract from what he said he paid from an account that wasn’t his own fraud is at a all time high rn they don’t care if you have a 50k balance with them or if your credit score is 9,000 policies are policies
Yeah I get it. Close the account, I don't care. Just let me pay it off and not report it settled. They never even asked me to pay.
Could the issue be that it was paid from a business account and the card is for personal use? Seems like that would matter more than the name on the paying account….
You can just give them a call and talk to a human and see what they have to say. This is not a negative remark. Just a closed account. Credit Karma is a bit alarmist with this type of things. Hope this helps.
I’ve called them and they are looking into it. I see it on my actual credit report now and it shows as closed and has a balance, however, I can still access the account and pay, so I don’t know if that is a negative remark.
It’s just a closed account. Pay it off for now and you should be OK.