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@CreditAddict456 wrote:
So I guess I'll just close them all now? Or wait to make sure that is the letter I am getting which more then likely it is. Sucks cuz I owe them like $15k so there goes my 700 score. Closing card with a balance might just scare off my other cards.
I would not close them down now. I would figure out a plan from when you get the letter. If it says you have a certain time frame to respond before you accounts get closed, use that time frame to either BT the debt or get a loan to pay it off. If you close them now your utilization will shoot up, your score will drop and your other creditors will panic and begin to shut you down.
@CreditAddict456 wrote:
So I guess I'll just close them all now? Or wait to make sure that is the letter I am getting which more then likely it is. Sucks cuz I owe them like $15k so there goes my 700 score. Closing card with a balance might just scare off my other cards.
What percentage of the total available credit is that $15K?
@CreditAddict456 wrote:
I looked at my card and I owe like $20k to them and have about $50k total credit from them
That's why they got spooked.
@CreditAddict456 wrote:
I know it's bad either way but is there a difference of it showing my accounts were closed by me or the bank to other banks? Cuz if I get this letter I am just gonna close them all right then
It doesn't matter. If your account is manually reviewed by an underwriter then you can explain it to them but I think that's really rare since most people's approvals or denials are instant.
I think if you let them close them, you get the possibility of them reporting the credit limit on the cards with balances, even though the credit limit is unavailable. That would help your utilization.