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If a credit card account has been closed what is the obligation in paying off the remaining debt?
Wiki User
∙ 18y ago
When you signed up for the credit card you agreed to pay for any debt that you incurred. If your promise is worth anything, you are obligated to pay your debt. Failure to pay the debt will probably result in legal action by the credit card company and no doubt will result in a bad credit rating, making future loans more difficult. If you don't pay the debt, they will get you. At some point in the future, you will wish that you had paid the debt. The outstanding balance and any applicable interest or fees will remain valid until paid as agreed. If the account holder defaults on what is owed, the creditor can remand the account to collections and/or pursue legal options such as arbiration or a lawsuit.
Wiki User
∙ 18y ago
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How can you make the credit card company reopen an account and remove 'closed by credit grantor' from your credit report?
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
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.
Can an credit account be closed due to inactivity?
Yes
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
When you close an amazon account does your credit card info get closed aswell or dods the company keep all of this info?
When your Amazon account is closed, the credit card info that is associated with the account will not be kept by the company and will be deleted also.
How can you make the credit card company reopen an account and remove 'closed by credit grantor' from your credit report?
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
Credit card closed by issuer affect credit score?
Yes. Creditors report to the credit reporting agencies the terms under which an account is closed. It looks bad and is a slightly more derogatory status when an account is closed by the lender vs. closed by the customer.
Can an credit account be closed due to inactivity?
Yes
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.
Can you reopen a credit card that you closed?
Yes, you can request your issuing credit card company or bank to reopen your credit card that you closed. I did that with one of my credit cards. However, make sure that you had a good record on that particular closed account and that you check if all the balances have been paid before you closed the account in order not to ruin your credit history.
Can you re-open a credit card once closed?
Credit card companies will not reopen a credit card account once it has been closed. The company will issue a new credit card and new account if it wishes to do business with the person.
Credit line closed-grantor request-reported by subscriber?
Company Closed account
Should you re-open a previously closed credit card account?
No. If the account has been closed, you would need to re-apply if you wanted an account.
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
When you close an amazon account does your credit card info get closed aswell or dods the company keep all of this info?
When your Amazon account is closed, the credit card info that is associated with the account will not be kept by the company and will be deleted also.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
Is information on open and closed account included on your credit report?
yes
