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| Payoff Closed Credit Card Account? |
My credit card account has been closed by the creditor, but it has a balance due in the amount of $908. I'm working to clean up my credit report and payoff any outstanding debts. Should I pay off this account even if it has been closed. Will paying it off help my credit score? |
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smile4cobra
|
The account being closed by the creditor does not excuse the bill.
If you dont pay it, you will end up in collections and your credit will be destroyed.
If your concerned about your credit score, continue making your payments.
Additionally, find out why the creditor closed your account. Is theres got to be some kind of problem.
Good Luck |
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Monraine
 |
I am not sure if it will help your score, but it will show that you satisfied the balance on the account. it will show future creditors that you did resolved the issue. I'm in the process of doing the same thin and was told by a credit/financial planner that if i opened a new acct that that would raise my credit score. Before you pay off the balance in full, call the company and see if they wll accept a settlement offer of about $600. DO NOT PAY ANYONE TO "REPAIR YOUR CREDIT". |
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yagurlbubblez
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Yes, you need to pay it off anyhow. When they close it...it may become a charge off, which means, another creditor can come and demand that money and then start garnishing. If they garnish your money, that means they can go into your bank acct or your paycheck and take out as much as they want a month.
You need to pay it off now, or it will come back and bite you later and you wont know what to do. |
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gatorboi19884870
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Yes you should pay it off your creditor may feel that since you paid it then the can take that charge off off. I had it done to me before all they want is the money. Credit is a way for lenders to make money and also a way to warn other lenders that this person has problems paying off debts.
Please pay it off. |
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beauty s
 |
u should pay it off no matter what!!! and if its on your credit report it will help but not that much and make sure u pay your bills on time |
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DRE
 |
theres a lot of false information here my friend, be careful...
if u do not pay it, as some have said, the worst that will happen is u will have a collections on ur credit which may be inevitable if u do not contact your current creditor asap.....having a collections on your credit is not the end of the world btw, avoid if u can, but know that paying it will not help ur score at all and depending on how u pay it, it may hurt your score
as some have said, a recorded settlement on ur credit is as bad if not worse than a collections acct...if u r going to settle, u must make a written agreement with your creditor that they will report u as "paid as agreed"
a lot of times when applying 4 credit a creditor will demand that u pay the old debt so better to do on ur own terms if u can
as one dude said, do not be fearful talking to ur creditors...know what u want and get it, they like 2 bully people cuz they know folks are scared but now u know better
so ur plan...
call the company and negotiate a pay plan (try and get an agreement for a paid as agreed and removal of lates if u feeling confident, that would be priceless and not unprecedented)
if in collections, do the same thing with the collection agency....DO NOT SETTLE FOR ANYTHING THAT DOES NOT INCLUDE THEM NOT REPORTING A SETTLEMENT ON UR CREDIT REPORT |
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Nandina (Bunny Slipper Goddess)
 |
Yes, you must pay it off. It still shows up on your credit report as an outstanding balance, and the fact that the card was closed by the creditor can be considered more detrimental than if it was closed by you (especially if the account was closed due to non-payment).
Paying it off may not have a significant impact on your credit score, but it will get it off your report, and it will also keep the creditor from coming after you for the unpaid balance. Closing the account only means "you don't get any more credit from us." It does NOT mean "you don't have to pay back the money you already borrowed." |
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Craig B
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you will want to pay off the balance to help your credit rating. Not paying this bill will affect your rating and drive down your score. But you can make payment arrangements and sometimes the creditor will waive some of the other charges such as late fees. Keep working toward a clean credit history, good luck. |
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Waiting and Wishing
|
It being closed just means they will not extend you anymore credit.
Keep paying it.
DO NOT settle it, it's such a tiny amount, and if you settle it will say that on your credit report. Call them and ask what kind of monthly payment plan you can get on to keep current, and don't miss or be late on any payments. |
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Stacy R
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Sometimes when this happens, you can call the collection agency responsible for collecting this debt and see if you can settle the acccount. Then offer to pay them half and see what they offer. Don't be afraid of them, they want money. Then you can pay less and close the account clean. |
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hwlajnitz
 |
You should still pay it off, a creditor or Lawyers office might come after you for the money and you might have to go to court. If It is in collections alot of times you can make payments on it or they might try and give you a % off because they want to get some of there money back. Also you should pay it off because if you are trying to apply for a Home or Car loan this will effect your Credit. |
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