Theres something being missed in this thread, which is important. A private Facebook group, 'Monzo Stole Our Money', has grown to almost 9,500. Banks may close an account if it's inactive, has a lot of overdraft fees, or there's identity theft. Not after 30 days or 12 months. Whereas with chase once youre gone, they dont want to know about you for another 12 months in any way. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Probably a lot to do with ease with which one can. Can I open a Monzo account after closing my old one? How long a closed account stays on your credit reports depends on whether your account was delinquent when it was closed. She is also a Certified Educator in Personal Finance (CEPF). They can reopen voluntarily closed accounts without any problems. Can I reopen a closed case? Monzo customers shut out of accounts in lockdown A charge-off will show on your reports for seven years from when the account went delinquent, or when you started missing payments. Freezing and unfreezing your card doesnt affect your cards activation status in any way. If your creditor closed it, you can ask if it'll reopen the account, but it's not required to. If you would ever like to reopen your account, please email us back with the request and we can provide the steps to getting you . Hey @emekusfbi, as we can only proceed with account-specific matters via our Official Support channel (we'll need to have direct access to your account details in order to further advise on the matter), I've made sure to reach out to you on my end, since I couldn't locate an open support request on our system. I dont think @BethS is responsible for responding to emails. To me and my unqualified view, its a dead easy way of not allowing unprofitable customers a way back in, customers that have been less than honest about where their funding is coming from or customers that have seemingly been disloyal and buggered off elsewhere only to decide later that they really didnt want to cut up their pink card. So, you cant do that anymore. Below are links to some of her most popular stories: Fee-only vs. commission financial advisor. To me that is saying there is no option to have an account again at all if you had one before. If a debt collector can get a 10-year-old debt back on your credit report, they know this may prompt you to pay or settle to have it removed. Put simply, a consumer can put money into an account, but cannot take money out of it. Box 30963, Oakland, CA 94604, Image: Man on computer looking up how to reopen a closed credit card account. If the same debt is listed multiple times (possibly with different names) you should dispute the multiple listings with the credit reporting agency and the original creditor or furnisher that provided the information to the credit reporting agency. Obviously, this usually works only with one-time, low-level items like 30-day late payments. How much your credit score will increase after a collection is deleted from your credit report varies depending on how old the collection is, the scoring model used, and the overall state of your credit. 4 Blurgh101202 1 yr. ago They won't open the old one, due to the switching service. You might be able to file a complaint with the Consumer Protection Bureau if it wasn't your . What credit score does Chase use for auto loans? Negative information on your reports is removed after 7 years, whereas accounts closed in good standing will disappear from your report after 10 years. Can I open a Monzo account after closing my old one? : r/monzo - Reddit No, it appears they are not allowing that, either. Old account closed due to inactivity. What can I do? If you don't know why the account shows as closed, the creditor might be able to tell you. Highlights: Most negative information generally stays on credit reports for 7 years. You usually can't reopen a closed account, but you'll still be able to open a new one. Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). Heres how. Can you pay off a 72 month car loan early? This is done by disputing the information on your credit report. There are a couple of ways that a closed account could hurt your credit. Gather the relevant documentation. Dispute negatives with TransUnion, Equifax, and Experian (the "Bureaus"), Dispute negatives directly with the original creditors (the "OCs"). 1. I want to reopen an account on revolut and we can't once is terminated Not sure why one would junk a new account within weeks of opening. It is true, though, that when an account is removed from your credit reports, all the information associated with that account also disappears. Negotiate a "Pay For Delete" to remove the negative item. I also removed your email . How to reopen a closed credit card account -CreditCards.com Instead, the collection agency becomes the legal owner of the debt. Collection accounts remain on your credit report for seven years. Federal Law states that if the lender verifies that the deleted account is accurate, it can be returned to the credit file. As far as I know this doesnt stop you from applying for a brand new account, but via their customer service cos the email address would need to be unlinked first. Their T&C's say for closing accounts: Yes, I see the issue. Re-joining Monzo after 3 years absence - Help - Monzo Community An account that was closed in good standing with no late payments and your balance paid off could show up in your credit history for 10 years. Monzo have stopped allowing people to re-open previously closed accounts. So former Monzonites, as Graham has said, dont take it personally if Monzo wont let you back in. Well of course they do anyway because if they dont want you anymore, theyll close your account and legally arent obliged to give a reason. got the rest of my balance sent to my mum (90, instant as well - considering it said this can take 2-4 weeks) and upon E-Mailing them to query my account being re-opened, they said they cannot give me any reason as to why. When an account is frozen, account holders cannot make any withdrawals, purchases, or transfers, but they may be able to continue to make deposits and transfer into it. 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