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Yahoo Answers! Credit Cards This is a RSS feed for Topics from Yahoo Answers! That pertain to the discussion of credit cards, bad credit cards and credit limits. Feel free to discuss this in the credit card discussion Forum. MEMBERS WITH THE DESIGNATION Powered by Yahoo! Answers under their names ARE BOOTS FROM YAHOO ANSWER...! NEW THREADS MUST BE STARTED ON REGULAR FORUMS, MEMBERS ARE HOWEVER ABLE TO ANSWER OR PARTICIPATE WITH CURRENT THREADS...

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Old 10-07-2007, 12:19 AM   #1 (permalink)
bee
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what to expect if i close a credit card?

i have been having problems with a credit card company and im not happy with there service or the card. I want to close it but it is Maxed out. what should i exspect to happen if i close it?
im going to pay it but i dont have the money to pay all at once.
is there going to be fees?
is it bad for my credit score?
will there be a payment plan?
if so how does it work?
is closing it while maxed a bad or okay thing?

i would ask the company but they have really bad customer service and have been little to no help!
 
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Old 10-07-2007, 12:20 AM   #2 (permalink)
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less credit card debt.
 
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Old 10-07-2007, 12:20 AM   #3 (permalink)
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You can cancel your account at any time, but the longer you don't make a payment...the more it hurts your credit and the more late charges and finance charges occur.
What you should do is call the credit card company and let them know you want to cancel your credit and set up an automatic payment plan. I know you said they weren't that great to talk with, but you've got to make the call. They will want you to pay your regular monthly payment, AT LEAST...but you may want to ask them what's the minimum amount they will allow you to pay.
The only thing about setting up an AUTOMATIC plan, is that they will take the money out of your bank account no matter what....So let's say that one month you have something come up and you can't pay that $50 (or whatever), too bad. They will take it out anyways.
As long as you pay it off over time, you'll be okay. If you close it and never pay on it, the credit card company will send your account to a collection agency who will persue the money from you. Sometimes, they will offer a deducted amount just to get you to pay the bill in whole. I had an Old Navy card that had over a $500 balance, and they were willing to settle for around $300.
 
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