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Credit Cards in Debt Management

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PayYouNever
Frequent Contributor

Credit Cards in Debt Management

Hello, I have two credit cards - a Chase and a Capital One - enrolled in Lighthouse Credit Management for the past 4 years, and I've basically paid them down from roughly $3000 on each to around $650. I've had the Chase card for close to 15 years, CapOne around 9. These are scheduled to be closed once the balance is paid off, which I realize is probably not that good. a) should I get off the debt management program, because now I have my life back together such that I can make the payments myself? b) should I keep these cards open because of their long history and positive payment schedule for the past 4 years? c) how do I go about dis-enrolling and not getting jammed with higher APRs? d) will Chase and CapOne balk because I want to get off the Debt Management, which has given me really low APRs for the past few years? Thanks
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Credit Cards in Debt Management

Eventhough you may dump the DMP, the creditors may not allow you to keep the cards open at this point. A suggestion: talk to the DMP you are using and see what they think.
Message 2 of 4
sl
Established Contributor

Re: Credit Cards in Debt Management

I was in a DMP program with Debt Guru and my creditors made me close the accounts or shall I say they closed them prior to me entrolling in the program.
Message 3 of 4
Pants
Regular Contributor

Re: Credit Cards in Debt Management

Part of the DMP agreement is that you can't do any further charges. All of your credit card accounts are closed when you sign up on the program . When you pay off the balance in full your payment history stays on your report for 7 years. Nothing gets erased when you pay off your cards.
Message 4 of 4
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