credit card closed
09-27-2012 08:47 AM
We have several revolving credit cards that we intend to pay off in full soon, in the context of a divorce. We considered letting them all become delinquent, to try to negotiate balance reductions in connection with paying off. We decided that the costs of that strategy were too great. Unfortunately, one card did go unpaid and was reported as follows: Hist: 321111111111111111111111 CLSD 09-__ APP Lates: 1x60:9-__; 1x30:8-__ CLOSED BY CREDITOR. Will negotiating a deal with this creditor to pay less than full balance as settement further reduce credit rating, or is full extent of damage already done? Conversely, will paying in full without any deal result in any credit repair? No other cards show any lates. Plan to pay all the other cards in full, with hopes of not only eliminating debt/interest but also improving credit rating. any advice or insights would be appreciated.