Reply
Regular Contributor
NowIcare
Posts: 151
Registered: ‎09-28-2007

Closing a CC few questions.

Can a credit card be closed before all the balance is paid off? or does it need to be completely paid before closing? also if it is possible to close it before it is paid off is the full amount due right away or can you continue paying it down?
 
As always thanks for the responses
NO SIGNATURE FOR ME
Frequent Contributor
ficonovice
Posts: 440
Registered: ‎08-08-2007

Re: Closing a CC few questions.

I think each cc company has thier own policy wheter or not you can close an account with a balance. One thing I know for sure is that you don't want to have a closed cc account with a balance. It definitely hurts your score as related to utilization..
(You can however still pay over time)
 
At least that was my experience.
 
I'd advise to keep it open and pay as much as you can. When it's a 0 balance, then close it if you really want to, but unless there are crazy fees or an annual fee, you probably should just keep it open..
Rust never sleeps and neither does my fico score...

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+