Cancelling a CCCS

[Anonymous]

No,  I cut them up some time ago. 

[SmartCookie]

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drax wrote:

No,  I cut them up some time ago. 

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Call and ask for replacement cards.  They'll tell you right then and there if the account is closed.

[Anonymous]

You need to followup w/Chase and tell them you cutup your cards some time ago and that you just want to verify that no new CC's have been issued since then.  Then its up to you whether you want them to send you replacement cards.

[Anonymous]

Called them.....well,  the account is closed.  weird, that it shows an available credit on my statement and no close notice on my CR.  I asked the question and Chase said it would not apply any back late fees or anything but would go back to the original interest rate if I get out of the CCCS.  I guess I'll be a slave a little longer to the CCCS.

[SmartCookie]

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drax wrote:

Called them.....well,  the account is closed.  weird, that it shows an available credit on my statement and no close notice on my CR.  I asked the question and Chase said it would not apply any back late fees or anything but would go back to the original interest rate if I get out of the CCCS.  I guess I'll be a slave a little longer to the CCCS.

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Would scrapping the $35 monthly fee make the APR increase worth it?

[Anonymous]

That is an excellent question.  I don't even know the APR of the old cards...I would say maybe 12-17% max.  At 7% now on both.

[SmartCookie]

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drax wrote:

That is an excellent question.  I don't even know the APR of the old cards...I would say maybe 12-17% max.  At 7% now on both.

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Verify what the interest rate would now be... they most likely will give you the old one but might give you a defaulted or otherwise 'cardholder agreement' changed APR.  Maybe it will wind up saving you some cash.

Also, if you have another card that has room and you can get a good BT offer on it, consider that.  Most companies will deposit it right into your checking account if you request it... then you could pay all this off and just work on the BT payback.

[Junejer]

Drax, an example on the math. If your total limits on the two CCs is $4,000, for example then:

$4,000 x .17 = $680 (int. for the year on your own)
$4,000 x .07 = $280 (int. under CCCS)
$35 x 12 = $420 (CCCS fee)

Seems to me like you are ahead of the game by doing it on your own if the int. rate is 17%(assuming this balance--just an example). It gets better for you if your rate is lower than the 17%. Worse for you the higher the original rate and the balance owed.

Like the others said though. Read your agreement, before canceling anything.

Message Edited by ByrdMan on 01-15-2008 12:52 PM

[Anonymous]

Hey, Drax.

I'm in a DMP.  I'm down to my last cc in the program.  I owe $3,000 and the interest rate is 6%.  The account is not listed as "closed" on my CR.  However, when I called the creditor, they said the account is CLOSED.  I asked about the consequences of ending my DMP and paying them directly.  I was told that if I did that, they would jack the APR up to default rate....  They said they've "lost" money by allowing me to pay the reduced 6% rate since I've started the program and it was best to finish the program. Since I plan to pay them off anyway, I just left it like it is... 

[PayYouNever]

Ah... OP, I could have cleared this up for you the minute I read your post. I am in the same boat with Chase, although my CCCS fee is only $8/month (Ligthouse Credit, maybe you can switch DMPs?).

Your account is closed, and Chase will not re-open it under any circumstances. I, too, receive my statements from them every month, that's how they do it. Because you can pay more than the CCSS pays to rapidly reduce your balance. The bad thing though is, you have a maxed out UTL, because the balance has no offsetting CL.

The default rate is like 29.95%, so you don't want to quit the CCCS. What you should do is ask Chase if you can qualify for their internal ReAgeing Program, which I qualified for after making steady payments through the DMP for two years. The ReAgeging Program removes the derogatory status in their reporting, at least that's what it said.

I anticipate when I purchase my SCORES at the end of this month, that my Chase account won't be listed as a "Negative". Once I qualified for the Program in December, I sent a GW to remove the lates that I had on the account from two years ago. Hopefully they've done that, but I'll know when I check my scores at the beginning of February or I'll use the 25% off promo to get them this week.

I'll post any updates to my Chase reporting history