@NRB525 wrote:
@BallBounces wrote:
Interesting scenario:
Let's assume I have a CC that was "closed by consumer" with a balance reporting a couple years ago. Assume that at the time it was closed, I entered in to a payment agreement for the remaing balance at 5% interest. There is 12 payments left at ~$250 per payment. Every month a statement comes, with ~$250 as minimum due, and every month the 250 is auto drafted from my account. Every month the CC updates the CRAs with new balance infomration. I no longer have a physical card. I no longer can charge anything to the closed account, in fact, I actually can no longer log on to the account on line because it has been 12 or 18 months since that last happened and the login expired. But each month I get a paper bill reflecting all the payments made and the terms of the payment agreement.
Assume also I just got a card from another issuer, with a 0% BT offer for 18 months.
Is it possible to BT a closed account? I know the old account number, but don';t have aa CVV or similar physical information. Has anyone succesfully BTed a Closed Credit Card account, in whole or in part?
FWIW, some of my assumptions are not factually accurate but do illustrate the scenario well.
In the paper invoice you get, that should refer to the old credit card number, since that is the account being paid off. It may be updated, should still be 16 digits. It also has a payment address and the bank contact information.
You can BT from the new 0% card to pay off the old card balance. I would pay off to leave something slightly more than $250 on the old card, just in case the payments pass in the night, it leaves something to pay on the old card if the draw from your bank account is made just before or at the same time as the BT.
I'm paying down two closed accounts with balances. I BT'd a substantial portion of one of them to a lower rate offer on an open card in October. The key to the online BT transfers is, you need your account number, which I presume is on the paper statement and is still a 16 digit number, and the name and address of the bank, sometimes not even the address if it is a larger bank that the CCC you are BT'ing to recognizes. The CVV is not used for making any payments of the balance, it is used only for verification on creating a charge against the account.
Neither the BT card nor the closed card cares that the card you are paying the balance off is closed, it's just an open amount owed that you are paying off. The payment plan on the closed card will cease when it runs out of principal to pay off.
Good luck!
@Kudos @NRB525 . This is exactly the type of answer I was looking for and I almost missed it. THANKS.
I have not yet decided if I am going to do this, but might. Here is the one other bit to this story:
The "closed" card in question is my single oldest tradeline. It is 23 years. ouch. Although unlikely, I am really hoping to convince the creditor to re-open the line once paid off or right before ... has anyone succesfully convinced a CC co that they were in closed repayment with to re-open? I know they expressly state they will not when you enter the agreement.
