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Capital One - Refusal to Close My Account

Capital One Credit Card - Complaint
Review by mnordl1 on 2012-08-30
Rating: StarEmpty StarEmpty StarEmpty StarEmpty Star
SALT LAKE CITY, UTAH -- My goal was to pay off all my credit cards with lower interest rates. I enrolled in Money Management International which doesn’t damage credit scores. HSBC, Discover, and Chase closed my accounts upon entering the program.

Since my Capital One card wasn’t closed, I asked them to close it. They have refused until I have paid the entire bill off. My credit score is affected for 10 years after I have paid their last payment. With the other companies, my credit score is affected for 10 year upon entering the program.
Comments:
Posted by Slimjim on 2012-08-30:
Account history is reported 7 years from last activity. It shouldn't matter whether technically the account is considered open or closed at a given time. Credit counseling programs, such as what MMI offers, will not affect FICO scores but are considered hardship programs. If a future lender was going to pause over whether to extend credit, it would be be becuase of your repayment plan before it came down to the symantics of the Cap One account status. I wouldn't worry though. Completing their program and being debt free shouldn't close really any doors down the road.

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Capital One:
Overall Rating:StarHalf starEmpty starEmpty star