bkgatling
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 01 Mar 2005
|
| Cancelling credit cards? |
 |
|
I have a high balance on a credit card, and is in the process of getting it lower, and I am wondering if I cancel this card, will it be to my advantage? Will I be allowed to continue to make payments on my account, or will I be expected to pay the balance in full? What kind of impact on my credit will this have?
Thanks in advance for any assistance!!!!
|
Tue Mar 01, 2005 1:19 am |
|
|
chiron
Contributing Member
Cash: $ 11.54
Posts: 49
Joined: 10 Feb 2005
|
|
|
|
Hi -
I am not entirely sure I or anyone else understood your precise request here, but I'll see what I can do to answer this...
If you have a high balance, and are paying it down, there seems to be little good in cancelling said card now or in the future. This presumes you only have a few cards, and that having this one is a positive "credit history" sort of account, at least potentially.
As for the rest... if you cancel a card while payments are still owed, you'll still owe them, and since it is already a situation by default where you are making monthly payments, I am a little confused as to your motive here. Most likely if you closed an account with an open balance, they'd be wanting full payment upon closure, and if you failed to make that, you may well yearn for the days of 19.99% APR once collections adds penalties and interest and etc to the whole thing, plus wreaks havoc on your credit reports meanwhile.
Not sure I gave perfect advice here, since I may have misunderstood the question - please anyone, feel free to hop in, I just answered this because it's growing cold and had 0 replies.
Business Web Site Design | Credit Report Repair
|
|
Fri Mar 04, 2005 6:06 am |
|
|
jlknauff
New Member
Cash: $ 1.59
Posts: 7
Joined: 11 Jan 2005
|
Unless you have a problem with credit (addiction) don't close them-that will actually lower your score.
|
|
Thu Mar 10, 2005 5:08 am |
|
|
|
