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Posts: 7
Registered: ‎05-24-2007
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Credit card question - account closed, low balance, late payments, what to do?

Got a quick question, I have an account that I got a payment behind on (thanks credit counseling company) and they reported it late for 8 months (thanks FCNB).  The account was closed and I was trying to get a good 24 month payment track record by paying it down monthly and pushing the late payment history back.  The balance is only $200 bucks and I've been paying $20/month waiting to pay it off at the 24 month period so I have 2 years positive.  Is this better than just paying it off?  Right now I have 13 months positive and 11 showing negative.  I could pay it off but thought it would look better being paid off in 11 months with 24 months good payment history, or does it look better paid off with late payments?
 
Thanks!
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?



simba007 wrote:
Got a quick question, I have an account that I got a payment behind on (thanks credit counseling company) and they reported it late for 8 months (thanks FCNB).  The account was closed and I was trying to get a good 24 month payment track record by paying it down monthly and pushing the late payment history back.  The balance is only $200 bucks and I've been paying $20/month waiting to pay it off at the 24 month period so I have 2 years positive.  Is this better than just paying it off?  Right now I have 13 months positive and 11 showing negative.  I could pay it off but thought it would look better being paid off in 11 months with 24 months good payment history, or does it look better paid off with late payments?
 
Thanks!


The 13 months of positve won't offset the 11 lates. I would try a good will letter. Assuming that does not work, try a PFD.  
New Member
Posts: 7
Registered: ‎05-24-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?

I tried everything, FCNB won't hear it, so should I just pay it off then now and leave it as is or keep paying it down slowly?  I have credit history on that card for 5 years or so, it was good up until that point when the credit counseling agency closed it to consolidate it.  It was just the months I used the agency that messed me over, so which should I do to help myself the most, or will it not matter either way?
 
Thanks!
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?



simba007 wrote:
I tried everything, FCNB won't hear it, so should I just pay it off then now and leave it as is or keep paying it down slowly?  I have credit history on that card for 5 years or so, it was good up until that point when the credit counseling agency closed it to consolidate it.  It was just the months I used the agency that messed me over, so which should I do to help myself the most, or will it not matter either way?
 
Thanks!


Are the lates all 30 day?
New Member
Posts: 7
Registered: ‎05-24-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?

One is 60, the very last one when I got rid of the counseling agency in Mar of 06
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?

Ok.. I would paid it off now.. let is close out and move on. Smiley Happy
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?

Agreed,  since it is closed you are no longer a customer to the credit card company you are now a debtor to them and by spreading out the payments won't show a sign of good activity, the accounts closed and you'll just be paying more than the $200 balance over the long haul because of interest.
Pay it off and like Tuscani said move on.
New Member
Posts: 7
Registered: ‎05-24-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?

Thanks for input guys, I went ahead and paid it off!
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?

good for you, one less debt that is out of your life.  
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Posts: 6,182
Registered: ‎03-29-2007
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Re: Credit card question - account closed, low balance, late payments, what to do?

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