Pay off closed CC with LOC?

[Anonymous]

My only remaining credit card balance is $1650 on a closed USAA MC. On two of my CRs the credit limit of $7000 shows even though the card is closed. On my EQ, the credit limit shows as 0 putting me well over 100% utilization.

Should I pay this account off with my NFCU LOC or does it not matter since I'd just be transferring the debt around? I've never used my LOC. It's got a $14k limit.

[starry1]

NFCU loc is treated as a cash advance. Better compare the interest rates before deciding.

[RobertEG]

I would imagine that the APR on an LOC would be substantially lower than that on the CC, making it financially beneficial while also satisfying an unpaid, delinquent debt.

That could be important in a manual review if you ar about to app for new credit.

As for credit reporting, does NFCU report their LOC's?

[Anonymous]

It's not delinquent. I pay every month a few hundred. Last month paid $1000. It's just closed.

The APR's are each around 15%.

The LOC reports.

[pizza1]

@ Robert....
Yes, Navy reports their LOC to all three. Mines shows, just pulled last month.

[Dj4Money]

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@RobertEG wrote:

I would imagine that the APR on an LOC would be substantially lower than that on the CC, making it financially beneficial while also satisfying an unpaid, delinquent debt.

That could be important in a manual review if you ar about to app for new credit.

As for credit reporting, does NFCU report their LOC's?

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 I want to bump and piggy back on this question. 

 I had a First Premier CC that was delinquent and finally closed and written off. But it shows $434 which is $134 higher than my $300 CL so it shows my utilization 144.67%. It was closed in 2009, so it may fall off by Oct 2016 or two years from now. With the balance being fairly low; should I try to pay this off? Is possible to get the derogaory mark deleted?

 This wasn't in my original repair plan but if it will help pull my score up without being too much of a finacial burden it will be worth doing? It's not listed in my accounts anymore, but I had a Cap 1 unsecured card back in the early to mid 2000's. It was behind, closed and charged off. But I had came into some money and decided to pay it.

[Anonymous]

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@Dj4Money wrote:

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@RobertEG wrote:

I would imagine that the APR on an LOC would be substantially lower than that on the CC, making it financially beneficial while also satisfying an unpaid, delinquent debt.

That could be important in a manual review if you ar about to app for new credit.

As for credit reporting, does NFCU report their LOC's?

---

 I want to bump and piggy back on this question. 

 I had a First Premier CC that was delinquent and finally closed and written off. But it shows $434 which is $134 higher than my $300 CL so it shows my utilization 144.67%. It was closed in 2009, so it may fall off by Oct 2016 or two years from now. With the balance being fairly low; should I try to pay this off? Is possible to get the derogaory mark deleted?

 This wasn't in my original repair plan but if it will help pull my score up without being too much of a finacial burden it will be worth doing? It's not listed in my accounts anymore, but I had a Cap 1 unsecured card back in the early to mid 2000's. It was behind, closed and charged off. But I had came into some money and decided to pay it.

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If it was opened prior to 2008, you might have some leverage with them by mentioning the 2008 FTC action against FP's parent, Compucredit for unethical and deceptice business practices. Some people seem to have had success that way. Google 'Compucredit FTC Lawsuit' for details about the suit.

[Dj4Money]

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@Anonymous wrote:

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@Dj4Money wrote:

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@RobertEG wrote:

I would imagine that the APR on an LOC would be substantially lower than that on the CC, making it financially beneficial while also satisfying an unpaid, delinquent debt.

That could be important in a manual review if you ar about to app for new credit.

As for credit reporting, does NFCU report their LOC's?

---

 I want to bump and piggy back on this question. 

 I had a First Premier CC that was delinquent and finally closed and written off. But it shows $434 which is $134 higher than my $300 CL so it shows my utilization 144.67%. It was closed in 2009, so it may fall off by Oct 2016 or two years from now. With the balance being fairly low; should I try to pay this off? Is possible to get the derogaory mark deleted?

 This wasn't in my original repair plan but if it will help pull my score up without being too much of a finacial burden it will be worth doing? It's not listed in my accounts anymore, but I had a Cap 1 unsecured card back in the early to mid 2000's. It was behind, closed and charged off. But I had came into some money and decided to pay it.

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If it was opened prior to 2008, you might have some leverage with them by mentioning the 2008 FTC action against FP's parent, Compucredit for unethical and deceptice business practices. Some people seem to have had success that way. Google 'Compucredit FTC Lawsuit' for details about the suit.

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  There was a lawsuit against Aspire too if I remember. Yes the account was opened in 2006. Exactly how should tackle this?

[SunriseEarth]

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@Anonymous wrote:
It's not delinquent. I pay every month a few hundred. Last month paid $1000. It's just closed.

The APR's are each around 15%.

The LOC reports.

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Why is this closed if there is still a balance remaining?  Did you choose to close the account?   

[Anonymous]

A few years ago I had this card maxed out with some late payments and the issuer closed the account. I immediately made a large payment to bring it current and get it under the credit limit. It was never charged off or sent to collections and I've been making monthly payments ever since. I still get a bill showing it as current but with 0 available credit.