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You are here: Home / Archives for credit cards

Credit Cards: Closed Accounts

April 17, 2011 by Tracy

Photograph Credit: Microsoft Images

Today I will complete the first of four categories housed in Box 1 of my important documents. I use an accordion file, and this first box contains four tabs with the names of each category. The first tab reads, “Credit Report/Card Documents.”

Three of the accordion file slots contain information under this topic. The first file houses our credit reports and FICO credit scores. The second file holds copies of our active credit cards and accompanying documentation. The third, and final, file slot contains closed account letters from corresponding credit card companies.

When Paul and I joined our finances after marriage, we each had individual accounts. In an effort to consolidate our accounts, we closed most of our accounts. We kept open the oldest account for each of us.

Our reasoning – the FICO score is based on a number of criteria. One of which is the length of time you have held an account in good standing. To keep our FICO scores as high as possible, we kept open two of our individual accounts.

CLOSING ACCOUNTS

As I closed our accounts, I requested that the bank or issuer send a letter stating that “our account was closed by consumer.” I then placed these letters in the third file of my Box 1 documents under the category of Credit Report/Card Documents.

AFTER CLOSING ACCOUNTS

After receiving our credit report(s), I checked the closed accounts to verify that one of these comments was listed: “account closed at consumer’s request,” or “account closed by consumer.” Having this comment shows any potential creditor that my account was closed at my request rather than by the lender for inactivity or past due balance. (Since most creditors look at your credit score rather than your credit report, some people think that this distinction does not matter. If you apply for a mortgage, line of credit, large personal loan, or car loan, then the lender will pull the full credit report, and the comments may be a factor. Even though I do not plan to apply for more credit, I prefer to err on the side of being too careful than not careful enough.)

I also review our credit reports to see all of our closed accounts. These accounts will continue to report on your credit report for up to 10 years. I then check my closed account letters to be sure I have a corresponding letter for each account closed. If I am missing a letter, then I contact the issuer and request a letter stating that the account was closed by consumer.

When I went back to request two of these letters for old accounts that had been closed, I did have two companies who had purged their files. One of these was my first credit card which was co-signed by my parents. Since the bank account to which the credit card was linked was no longer active, I had to work my way up the chain of supervisors until I received my letter. You may not be as persistent. But if there ever is a problem with that account, I have the documentation to back up my standing.

TIP: Requesting the closed account letter at the time of closing the account saves lots of time and energy!

Setting up this first category is very time-consuming. I worked for about 2 – 3 months to get this one category complete, and I’m so thankful I did! All my documents are together. I now spend a little time maintaining it. I used my time wisely by investing my energy into getting it right the first time. I wish you much success as you plug away at this daunting task.

The rest of the categories in this box do not require as much research. I will help you get your documents in order as we proceed next week with the second category – Important Personal Documents. Keep using your time wisely, and keep up the good work!

Filed Under: Document Organization, Credit Report/Cards, Credit Cards Tagged With: credit cards, account closed by consumer, account closed at consumer's request, closing accounts, credit report

Credit Cards: Copies of Active Accounts

April 10, 2011 by Tracy

In working through an organizational system for our important documents, we are still concentrating on the first section of Box 1 titled Credit Reports/Card Documents. As a review, here are the documents housed in my first box and links to the posts addressed to date:

BOX 1 of 3

  • Credit reports and credit cards

Credit reports:

Credit Report: Reporting Agencies

Credit Report: Schedule

Credit Score: Free Experian

Credit Score: Free TransUnion

Credit Report: Reviewing Information

Credit Report: Disputing Errors

Credit cards

  • Personal records
  • Home ownership
  • Vehicles

Photograph Credit: Microsoft Images

If you are following the same system I am sharing, then the first folder in your accordion file should obtain your accurate credit report(s) and credit score(s). Are you are still disputing errors on your credit report(s)? If so, then good for you! Keep those credit bureaus accountable for reporting your information accurately.

Having concluded last week the first part of this section dealing with the credit reports and scores, I will address credit cards, which is the second part of the Credit Report/Card Documents section. The second folder of my accordion file houses copies of my active credit cards.

TIP: These are just credit cards. Our debit card information is housed under Investments in Box 3.

For each credit card, I have the following documents:

1.       Copy of the front and signed back of the card. Hopefully this never happens, but in the event that my purse is stolen, I will have the phone number to contact the issuer to report the theft. The phone number to contact is on the fine print located on the back of the card. When I make the copy, I make sure the print is readable in case I need the information.

2.       PIN information. If a Personal Identification Number (PIN) was issued with this card, then I keep that number with the copy of the credit card.

3.       Credit Card Agreement. This document usually arrives with your credit card. When a new card is sent to replace an expiring card, a new card agreement is usually sent. If you have misplaced your original, you could contact the issuer and request a new one, or wait until a replacement card is sent before your current card expires.

4.       Website Address,  User names, and Passwords. Having the website address to access this card information written down will be very handy in the event you become incapacitated or pass away. If your Executor knows about your Important Document file, then he/she can access your accounts with this information. If you do not want this information all in one place, then choose a good hiding place. When you have a designated place, write down your user names and passwords and then let someone know where that information can be found. This one action can save your loved ones oodles of time and ounces of worry. Remember to update your list when you change your passwords or add accounts.

PROTECTIVE PASSWORDS: To help protect our accounts, I have placed a protective password on each account. I have called each account issuer and asked to put this password on our account. I then followed their guidelines. Now when I contact them regarding my account, the representative will ask for my protective password in addition to the other personal information they request. Having this password also allows me to bypass giving out our Social Security Numbers for identification. I prefer the protective password since I can customize the word or phrase making it difficult for someone to  commit identity theft.

5.       Contact name. If you have called for any reason and had a great customer service from a senior representative, then I write down and keep the name and direct phone number or e-mail of that representative with the credit card information. If I have a problem and need assistance, I will have direct access to someone who I know will help.

6.       Credit Card. Since we do not carry all our credit cards with us, we keep the unused ones in our credit card file. If we need to use it to make a purchase, then we get the card from the file. This action helps us make wise decisions with our money.

I paperclip these items together for each credit card we hold. I then place all these documents in the second file of my Box 1 documents. Next week, I will share the contents of the third file which is the last compartment under the first section titled Credit Reports and Credit Card Documents.

Are you finding this information helpful? Do you already have protective passwords on your accounts? Do you have them written down for your loved ones and/or Executor? If not, please write them down. Your family will be so thankful you did!

Filed Under: Document Organization, Credit Report/Cards, Credit Cards Tagged With: credit cards, protective password, identity theft

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