Closing Credit Cards with Balances
Author: becki
Posted: Mon Jul 05, 2004 7:50 am
Post subject: Closing Credit Cards with Balances
4/20/2002 10:47 am CDT
I have two credit cards that have balances on them. I want to close the accounts so that I am unable to use them. Is it ok to close them with remaining balances? How will it appear on my credit report? I intend to pay them, just don't want the ability to be able to continue to use them.
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Author: Misty
Posted: Mon Jul 05, 2004 7:53 am
Post subject: Closing Credit Cards with Balances
4/20/2002 10:58 pm CDT
You should check w/your credit card companies about closing them w/balances. There are some out there that won't let you close it until you've paid off the balance. But really, it doesn't matter if you close it w/a balance. It will report on your credit report as closed per the customer's request and will continue to report whatever your balance is at the time of reporting until you have it paid off. If they won't let you close it w/out paying it first, ask them to lower the limit as your balance goes down-that way you can't spend! Hope this helps!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Sherry
Posted: Mon Jul 05, 2004 7:54 am
Post subject: Closing Credit Cards with Balances
4/21/2002 7:48 pm CDT
Watch out - I closed an account with a balance and they jumped up to 26.99% interest and said they couldn't lower it because I was no longer an active customer. I researched and found out there was nothing I could do about it. Better to cut up your card.
Posted: Mon Jul 05, 2004 7:50 am
Post subject: Closing Credit Cards with Balances
4/20/2002 10:47 am CDT
I have two credit cards that have balances on them. I want to close the accounts so that I am unable to use them. Is it ok to close them with remaining balances? How will it appear on my credit report? I intend to pay them, just don't want the ability to be able to continue to use them.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Misty
Posted: Mon Jul 05, 2004 7:53 am
Post subject: Closing Credit Cards with Balances
4/20/2002 10:58 pm CDT
You should check w/your credit card companies about closing them w/balances. There are some out there that won't let you close it until you've paid off the balance. But really, it doesn't matter if you close it w/a balance. It will report on your credit report as closed per the customer's request and will continue to report whatever your balance is at the time of reporting until you have it paid off. If they won't let you close it w/out paying it first, ask them to lower the limit as your balance goes down-that way you can't spend! Hope this helps!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Sherry
Posted: Mon Jul 05, 2004 7:54 am
Post subject: Closing Credit Cards with Balances
4/21/2002 7:48 pm CDT
Watch out - I closed an account with a balance and they jumped up to 26.99% interest and said they couldn't lower it because I was no longer an active customer. I researched and found out there was nothing I could do about it. Better to cut up your card.
posted by CardRatings.com at 11:20 AM
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