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paying off old credit cards

New Member

paying off old credit cards

hi there, hope someone can help. i had 3 chase accounts which i had opened in 2007. sometime in 2008 those accounts closed down and i have been making payments ever since with a debt counselling company. in the last few months i also paid chase and finished a couple of my cards, there is one still pending.

 

i wanted to know if this approach will decrease my score?

 

will my credit score increase if i was to payoff the last outstanding amount as well? will this help at all?

 

thanks in advance.

 

ashwin

Message 1 of 6
5 REPLIES
Established Contributor

Re: paying off old credit cards

Yes and Yes.  Making timely payments even on a closed account will help.  You will eventually need to reestablish credit and make timely payments on those in order for your score to go up significantly.  You may want to start looking at rebuilder/secure cards soon.

Message 2 of 6
Epic Contributor

Re: paying off old credit cards

Do you have other accounts still being handled by the counseling company or just the 1 Chase Card that you are asking about paying off?

 

If that's it and you can pay it you need to call and cancel the counseling service NOW, pay it off and wait for all to update... your score will go up and should update no longer in counseling which would normally block you from opening new credit.

Message 3 of 6
Mega Contributor

Re: paying off old credit cards


ashkot wrote:

hi there, hope someone can help. i had 3 chase accounts which i had opened in 2007. sometime in 2008 those accounts closed down and i have been making payments ever since with a debt counselling company. in the last few months i also paid chase and finished a couple of my cards, there is one still pending.

 

i wanted to know if this approach will decrease my score?

 

will my credit score increase if i was to payoff the last outstanding amount as well? will this help at all?

 

thanks in advance.

 

ashwin


It may decrease your score on how they report to the bureaus. If the CCS is reported it may hurt (not totally sure on this a myFICO expert may chime in on it)




EQ FICO 548 3/3/16
Message 4 of 6
New Member

Re: paying off old credit cards

what is CCS?

Message 5 of 6
Senior Contributor

Re: paying off old credit cards

Credit Counseling Service Smiley Happy

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 6 of 6