No, what usaully takes place is that the credit card company freeze your credit card account and you continue to make payments
Sure can, a dirty deal.
No. The only thing that has any negative effect on your score is missed payments, insufficient payments, over limit fees, late fees etc.
When a derogatory item is removed from your credit report, them yes, your score increases. If you have a credit account with no derogatory items (late payments) and you close it, then your score is likely to decrease.
It will not affect your credit if you pay off the balance when you close the account.
Closing an account may help your overall FICO score, but only because your available debt would decrease. The late payments stay on your record regardless if the account is open or closed.
Not if you ask them to close it in writing and you have NO balance.
Sure can, a dirty deal.
No. The only thing that has any negative effect on your score is missed payments, insufficient payments, over limit fees, late fees etc.
pay the balance,if any,and cut that bad boy up -> YOU CAN CLOSE IT WITHOUT PAYING THE BALANCE (CONTINUE TO PAY SO AS NOT TO DAMAGE YOUR CREDIT)...BUT IF IT'S A PROBLEM ACCOUNT YOU ARE BETTER TO BE THE ONE CLOSING THAN HAVING THEM CLOSE IT ON YOU.
they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.
When a derogatory item is removed from your credit report, them yes, your score increases. If you have a credit account with no derogatory items (late payments) and you close it, then your score is likely to decrease.
no. You will hurt your credit when you close an open line of credit.
Closing an account may help your overall FICO score, but only because your available debt would decrease. The late payments stay on your record regardless if the account is open or closed.
It will not affect your credit if you pay off the balance when you close the account.
No, the banks can not close your saving and checkings account. If you have credit card debts then yes they can close your credit cards.
You can close a credit card account at any time, regardles of whether there's a balance left on the account. If it's not past due, you simply make regular monthly payments. If it's delinquent and the creditor hasn't already closed the account for you, you'll probably also make monthly payments on the balance. In some cases of severely delinquent accounts, you can agree to pay one final lump sum, usually less than the total amount owed. However, this will appear unfavorably on your credit reports, as will "account closed by credit grantor". Regardless, it's probably a good idea to close the account, particularly if it's delinquent.
Yes, just like any other loan. Late charges, too, if you don't make the payments on time. If you close an credit card account with the bill remaining, do you still have to pay for it.