Two Year Overdue Creditcard

[RandomSanity]

Hi Everyone,

A few weeks ago I got a call saying my Visa was long overdue, which I ignored because I don't have a Visa anymore. However they called me back today and told me I have $11 on my card that has been overdue for over 2 years!!

What happened was back in 2007 I moved to Toronto and made the switch from CIBC to BMO at the same time. I cancelled my accounts at CIBC and so I assumed, my credit card. It turns out the credit card has been carrying a balance all this time... will this have screwed over my credit rating?

I've always been very good at paying my credit card off each month without carrying a balance and have only had interest charged two or three times when I didn't get OSAP on time and has to put my student fees on my card.

I know this was probably just a stupid move on my part, but is it not strange that I didn't receive any notice before now? Any input would be appreciated.

Thanks!

[YYC27]

If you never changed your address with them, it may have taken them until now to track you down. Though I don't know why they'd even bother for an $11.00 balance.

If they've been reporting your account as delinquent this whole time, it's probably dragging your credit score down.

[frugalguy]

You can check your credit report online. I don't think we're supposed to mention any company names online so PM me if you want the website address. The cost is $15.50.

[M08006899]

You can check your credit report online. I don't think we're supposed to mention any company names online so PM me if you want the website address. The cost is $15.50.Equifax https://www.econsumer.equifax.ca/index_en.html

[Jucius Maximus]

I believe the statute of limitations for this is 2 years, so you may not legally owe them anything.

But if you do actually owe the money and can get them to say IN WRITING that they will take $11.00 for Settlement in Full, then I say pay them out by cheque. For $11 it's not worth the hassle.

But keep the cheque image and a copy of their letter until the day you die because collections companies continue to try stupider and more far fetched things to collect on debts that are legally uncollectable.

[boyoflondon]

Technically, after 6 months of acct being behind, it would have been sent to a collections agency.

Now, considering the amount, might appear that CIBC kept it all this time ..

Regardless, your credit file would show at least 6mths late pymnt on for this account which does not look pretty at all on your CBR (Cred bureau report).

Call Equifax/Trans Union to inquire further ...