Best Answer

No, what usaully takes place is that the credit card company freeze your credit card account and you continue to make payments

User Avatar

Wiki User

โˆ™ 2005-10-30 18:53:13
This answer is:
User Avatar
Study guides

Create a Study Guide

Add your answer:

Earn +20 pts
Q: Can you close your credit card account and continue to make payments?
Write your answer...
Related questions

Can a credit card continue to allow automatic charges on your account after you ask to have the account closed?

Not if you ask them to close it in writing and you have NO balance.

Can credit card companies close your account and continue to charge interest on the balance?

Sure can, a dirty deal.

Does your credit score go down if you close a credit card account but do not have any credit card balances?

No. The only thing that has any negative effect on your score is missed payments, insufficient payments, over limit fees, late fees etc.

Can you keep one of your credit cards if you file chapter 13 bankruptcy?

Yes; however, the issuer is not required to continue to extent you credit (can close the account).

When an item goes off your credit report does your credit score increase?

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.

Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?

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.

If you close a credit card will it hurt your credit?

It will not affect your credit if you pay off the balance when you close the account.

Can a credit card company close your account charge it off and still continue to add late fees and interest to the account?

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.

How can you close a credit card account?


Does it hurt my credit to close a savings account?

no. You will hurt your credit when you close an open line of credit.

What will happen if you close a credit card that has an outstanding balance?

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.

Will it help your credit to close a credit card that shows late payments from four years ago even if you are in good standing now?

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.

Sample letter to close credit card account?

When sending a close a credit card account, you need to include your name, address and account number. You also need to include reason for closing the account.

Is there a way to close a credit card while theres still a balance on it while avoide late and overlimit fees?

Be careful when you close a credit card account. It could drop your credit score considerably. The way to avoid late payments and over limit is to stop using the card and make payments on time. If you want to learn more about credit scores and how to improve yours: Take a look at Phil Turner's Credit Bible. You should find valuable information on credit cards and improving your credit.

How do you close your line of credit?

Contact the credit company and tell them you want to close the account and tell them to send you a final bill.

Does interest still accrue on your balance once you have closed a credit card account?

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.

How can you close your American General Finance account -?

Contact your local branch of AGFS. If the account was an installment loan, the account will "close out" at time of payoff. If the account is a revol line of credit, and has a zero balance, a written authorization can close the account or after 6mos of no activity the account will automatically close.

If you close your account with a balance will this hurt your credit or your credit score?

To successfully close an account, you must first have a zero balance on said account. Otherwise, you will still receive bills on that balance, which can and probably will accrue late charges.

Does amazon really delete your credit card info after you close delete your account?

There is no reason to believe that Amazon keeps your credit card info after you close your account. If it concerns you, you can actually delete your saved payment information before you close your account. Or, you can delete your payment information and keep your account open in case you want to use it in the future.

What happens after six months of failing to make any further credit card payments?

After 180 days of non payment they will close and charge off the account and most likely farm it out to a collection agency

What is the procedure to Surrender a credit card?

You can simply write to the credit card company and close your account. Then you can cut up your credit card.

Can you be removed as a joint account holder when you have not placed any debt on credit card?

No you must close the account.

If you close out some of your credit card accounts and continue to pay them off will that increase your credit score?

You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.

If you close a checking account wll it hurt your credit score?

Checking accounts are not normally reflected on a credit report.

Should I close a joint credit card account when I am paying for it through court ordered partial support?

My position would be to close the account but honor the payment as ordered and let the account pay out.

People also asked

How much are the costs for closing?

View results

What is the definition of an intermediate goal?

View results

What are the interest rates for Wells Fargo Bank home mortgages?

View results

What does asset mean what does asset mean?

View results

What banks offer advice on personal finances?

View results