Information Police
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You can't close your account if there is a balance. Cut up your card so you can't use it anymore and continue making payments on it. |
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dooneygirl@sbcglobal.net
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no u gotta pay it off first |
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golferwhoworks
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yes --but the interest will still accrue |
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stephyhall
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You can close the account. However, if you do not pay the entire balance, it will continue to accrue interest at the rate you agreed to when you opened the account even though you are no longer charging on the card. Also, there may be a monthly fee for paying less than the minimum payment required that will add more to the balance and in addition to that some card companies charge you a fee for carrying any balance, which will continue. You need to take out your original card agreement and read it carefully, then maybe contact a consumer debt consultant who can help you to contact the company and stop the accumulation of interest and fees. |
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xjazzx@pacbell.net
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Cassidy. I would recommend against doing that.. It will affect your credit score.. Just don't use it and pay it off. I believe the charges will continue until it's paid off. You can tear up the card..but don't close it out. |
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randyssgirl25
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Cut it up and don't use it pay everthing off but don't close the account unless they are charging you ever month for lots of fees, because by closing your account you are reducing the amount of credit you have there for your credit score will go down, trust I paid a few credit cards off and then closed the accounts thought that this would help my credit score WRONG it went way down! Best of Luck! |
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Todd S
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You can, but the credit issuer may ask for the the full payment and/or raise your APR to the highest possible limit.
I would recommend not closing a credit card account with a balance, and not mentioning closing it to the issuing bank as they can penalize you.
Either try moving the balance to a 0% credit card using a free balance transfer and then paying the minimum payment while avoiding finance charges, or ask a family member to help you pay off the balance.
Don't cancel it as you could get into trouble with higher interest charges, possible penalties, and likely a credit ding.
Learn more at http://www.thetruthaboutcreditcards.com |
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MOM KNOWS EVERYTHING
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You can close it but you'll still have to pay off the balance, and the interest will continue to grow. You won't stop the charge by closing the account. And closing an account with a balance on it shows up as a negative factor on your credit report. |
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Icefire
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Once you pay off the balance, you can close the account, but if you ask to close it, they will want the full amount due right away. You might call one of the free credit counseling services, they can help you work out a repayment plan with the company. |
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Phil P
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no |
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Isabella T
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You can close the account but you are still responsible for the balance. I am not sure how many open trade lines you have but if you are trying to buy a home in the near future you may want to have at least 4 trade lines. A closed account with a balance is okay creditwise but it just means you cannot use the card. Interest charges still apply. |
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p h
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Yes, but you have to keep paying until the balance is pAID OFF. BE SURE TO SHRED/BURN YOUR CARDS IF YOU DO. |
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Beau R
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If you talk to the issuing credit card company, you should be allowed to do it. |
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OC1999
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If you can't make the minimum monthly payments then they will close the account for you. So if you really can't make the payments close it out yourself before they do. In the long run this will look a bit better as you requsted it not them.
Closing the account will not stop any charges you may incurr for not making the payments. This includes the Late Payment Fees, Interest and if you have any Over the Limit Fees.
You should look into Credit Counsling as they can help you by working with the Credit Card Company to work out payments you can afford. |
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yellow_raven1978
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YES. Call up your credit card company and have ask them to close the account. You will continue to get billed on the outstanding balance until it is paid off. It looks much better on your credit report that the card was closed by the consumer's request than by the creditor's request. |
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