I'm I allowed to close my credit card even if it has a balance still? I am going to pay it off, so can I close it and continue to make monthly payments until its over? or do I have to wait to pay it off and then close it?
2007-04-30 03:11:17 · 9 answers · asked by latina ♥ 2 in Business & Finance ➔ Credit
I would keep it open and pay it off. Toss the card (cut it up first), but always keep it open.
Also, if it's a high max card, try to keep it open. It will actually help your credit, even if you don't use it.
2007-04-30 03:14:43 · answer #1 · answered by FaZizzle 7 · 0⤊ 1⤋
It would be best for you to leave this card open until a few months after you pay if off, if you pay the balance of and then close it at the same time, this will lower you credit score, because you are reducing the amount of available credit that you have, also if you close a credit card before you have completely paid the balance than you are going to be looking a very high interest rate, if you are trying to pay it off faster you may want to look into getting a card that you can transfer the balance to that has a lower interest rate or even no interest for the first few months, if you are worried about using the card then cut it and then it won't be so easy, if you are looking for other cards there is a great varity of them on my blog even for those who have not so great credit, I hope that this has helped you with your question and Best of Luck.
2007-04-30 10:22:17 · answer #2 · answered by Randysgirl 2 · 0⤊ 0⤋
You CAN close it, but there's usually no benefit of doing so. As long as you are paying it down, just cut up the card and stop using it. Closing the account won't make your credit better. In fact, it could hurt. Also, companies sometimes raise the interest rate on closed accounts, and there's not much incentive for them not to.
Unless you are afraid that someone else will use the account without your approval, or you're afraid you won't be able to maintain self-discipline, you're better off just keeping it open and not using it.
2007-04-30 10:45:13 · answer #3 · answered by skip742 6 · 0⤊ 1⤋
yes you can close the card at any time and continue to make the payments off it, it will also help your credit rating.. The Credit Card companies will try to persuade you to keep it open (more likely you will use it) but close it if you wish.
2007-04-30 11:31:38 · answer #4 · answered by jojo 4 · 0⤊ 0⤋
As long as you have a balance, the credit card company will keep your account open. If you are afraid you will use it, just tear it up and forget the account number.
You could also call the credit card company and explain to them your situation. They may be able to put a "hold" on any further purchases, like they do if the card is stolen.
Hope that helps, and good luck to you! Kudos for taking charge and getting rid of that debt!
KK
2007-04-30 10:16:55 · answer #5 · answered by kkmbahome 2 · 1⤊ 0⤋
Yes, but why would you want to? Do you have other cards you will use? Keep it open for emergencies and a few purchases every month. This will help your credit score to show good payment history.
Though you can close it to new purchases, I don't suggest it, unless you have a problem with abuse of it.
2007-04-30 10:19:38 · answer #6 · answered by rrrevils 6 · 0⤊ 0⤋
The account will be open until it's paid off. You can simply stop using the card, and notify the credit company that you'll be closing the account. They will put a zero credit limit on it to keep anyone else from using it.
2007-04-30 10:15:44 · answer #7 · answered by Stuart 7 · 0⤊ 0⤋
Yes you can go ahead and close it, they'll continue sending you a bill as long as you still owe on the balance.
2007-04-30 11:22:07 · answer #8 · answered by KitKat 6 · 0⤊ 0⤋
NO!!! u have to pay it off, then u can close it..
2007-04-30 12:26:06 · answer #9 · answered by shorty21 5 · 0⤊ 0⤋