2007-09-25 09:30:32 · 8 answers · asked by Julie 3 in Business & Finance ➔ Credit
No matter if U cancel or not, U still have to pay the balance due.
Be very careful, as credit cards will continue to add on late fees at a rapid rate if u do not pay the full amt that is owed!
If the Card is not paid back in full, eventually u will have debt collectors after u, and this is not good! Then u can be taken to court...
So pay it off anyway u can!
If U R having problems paying on time, it is VERY helpful to CALL the Cr Card company and just admit to them that u want to work something out over time.
The companies are actually happy that u will pay them off over time, rather than having to go the "legal route." They can save u alot of extra charges (late fees, etc) if u just be honest with them.
: )
2007-09-25 09:37:22 · answer #1 · answered by froggie 4 · 0⤊ 0⤋
DON'T CANCEL YOUR CREDIT CARD IF YOU HAVE A BALANCE!!!
If you cancel your credit card with a balance they will skyrocket youe interest rate ! just pay the card off in full.
To be honest you shouldn't cancel it anyway because longevity of open credit is what improves your credit score. just pay it off cut up the card and let the account sit open with a zero balance.
unless the card has an anual fee. which would have been silly of you because there are lots of cards out there with no fees.
2007-09-25 16:35:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well if you close it two things will happen. One is yes you still owe the money and will receive a monthly statement, and still have to make payments. and two your credit score will fall because you have basically lost that line of credit, and that changes you available credit to debt ratio. Since you still have to pay it off, would leave it open, and just pay it off.
2007-09-25 17:49:16 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
Most cards will not allow you to cancel with a balance. If you do not pay on the balance, even if you do manage to close the card, they will report you to the credit bureau.
2007-09-25 16:32:52 · answer #4 · answered by PandaJ 3 · 0⤊ 1⤋
monthly payments...you just won't be able to use the card for new purchases
2007-09-25 16:33:26 · answer #5 · answered by K 3 · 0⤊ 0⤋
you have to pay it in full... best bet if you are not ready to pay it in full - cut up the card and pay it off quickly. once you are finished paying it off, then call to cancel it.
2007-09-25 19:08:42 · answer #6 · answered by asweetangelseyes 2 · 0⤊ 1⤋
I look at credit everyday believe me they will continue to send you statements.
2007-09-25 16:34:22 · answer #7 · answered by ? 7 · 4⤊ 0⤋
Spifiman is correct.
2007-09-26 09:10:57 · answer #8 · answered by STEPHANE O 6 · 0⤊ 0⤋