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@Anonymous wrote:
Is there a specific time frame to pay off a closed credit card? I read a post somewhere that said this person had until a certain date to pay off his balance, I have a Chase CC that was closed in July of this year that I am carrying a balance on, I have just been paying minimum payments because it was my lowest interest rate card, now I'm wondering if I shouldn't just pay it off. Any thoughts?
There is no such time limit. Chase in particular will be perfectly happy as long as you continue to keep the account in good standing by making timely regular payments. As long as you satisfy the T&C for the account you will be fine.
@Anonymous wrote:
Is there a specific time frame to pay off a closed credit card? I read a post somewhere that said this person had until a certain date to pay off his balance, I have a Chase CC that was closed in July of this year that I am carrying a balance on, I have just been paying minimum payments because it was my lowest interest rate card, now I'm wondering if I shouldn't just pay it off. Any thoughts?
Chase is very happy that you continue to give them interest. Pay it off as quickly as possible. IMO
(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".
re: mnthly payment
always pay more than min., even on the lower apr balance.
Cyrion wrote:
Normally I have always done that, but the last few months I haven't with them. Actually that brings up a a question, everyone always says you should always pay more than the minimum, is there really something to this? Is it looked upon more favorably by the CCCs?
It very much matters. Strength of payment is a very important factor issuers evaluate when reviewing your account. Many of those who have recently had AA imposed upon them had been skating by on minimum payments. Some issuers consider paying an average of 6% of balance over a rolling six month to be excellent and grade down from there. You should be striving to make payments equal to at least 5% of the balance if you are going to revolve and want to minimize the chance of AA.
@creditwherecreditisdue wrote:
Cyrion wrote:
Normally I have always done that, but the last few months I haven't with them. Actually that brings up a a question, everyone always says you should always pay more than the minimum, is there really something to this? Is it looked upon more favorably by the CCCs?It very much matters. Strength of payment is a very important factor issuers evaluate when reviewing your account. Many of those who have recently had AA imposed upon them had been skating by on minimum payments. Some issuers consider paying an average of 6% of balance over a rolling six month to be excellent and grade down from there. You should be striving to make payments equal to at least 5% of the balance if you are going to revolve and want to minimize the chance of AA.
+1
Your payment terms are the same when closed, as when open, if you did not default. If they just did a "changed our mind" closure, then the utilization remains the same and you can payoff at the rate and terms while closed same as open. Only real difference is you can't charge anything new. Once you pay the balance off, then the card CL will be removed from your utilization calcs.