ok so i want to cancel my cc do i have to pay it off in one shot or can i call cancel and make payments to it
2007-08-05 13:01:56 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Pay off your debt, then cancel your credit card. It doesn't make any sense to cancel your credit card and still have debt with them. Just because you have an active credit card, doesn't mean you have to use it.
It is actually healthier to have an unused credit card, than a cancelled credit card. Your credit score goes down when you cancel a credit card.
2007-08-05 13:05:52 · answer #1 · answered by techman2000 6 · 0⤊ 0⤋
You can cancel it before it's paid off. When I tried to do that, the service rep said that it will negatively effect your credit when you do that. It's better to make payments on it now, leave the line of credit open, and then close it once it is paid off. If you do cancel it now, you do not need to pay it off all at once. At least, that's how my mastercards and visas worked.
2007-08-05 20:05:50 · answer #2 · answered by YoungGirl 2 · 0⤊ 0⤋
You will have to pay it off first. If you plan on cancelling the card just cut it up. If you cancel the card it will drop your credit score. This drop in score will happen for each card you cancel.
2007-08-05 21:37:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can do it either way, whatever is best for you. I've canceled accounts and still paid on them. And I've also had accounts that I've paid off first and then canceled. Not everybody can afford to pay them off all at once.
2007-08-05 21:40:58 · answer #4 · answered by mz_neemarie 4 · 0⤊ 0⤋
Pay off the credit line/account. Its true what the others said, that companies usually wont let you close an account if you have a balance on it.
Just pay more than the minimal on the account and dont use it.
Good luck
2007-08-05 20:11:55 · answer #5 · answered by cameranhand 3 · 0⤊ 0⤋
They may not close it until it is paid off but you can call them. Normally closing cards is bad for your FICO score since you have less credit available so some people cut the card up and let it stay open. It may also shorten your credit history.
2007-08-05 20:09:52 · answer #6 · answered by shipwreck 7 · 0⤊ 0⤋
Just pay off one way or another
2007-08-09 13:42:36 · answer #7 · answered by Peace be onto you... 2 · 0⤊ 0⤋
bad idea, but
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credit cards:
http://all-debt-consolidation-loan.blogspot.com/2007/07/chase-credit-cards.html
Good Luck!
2007-08-05 20:29:32 · answer #8 · answered by Anonymous · 1⤊ 1⤋
normally they won't let you cancel it until its paid off!
2007-08-05 20:05:08 · answer #9 · answered by ? 3 · 0⤊ 1⤋