Cancelling a CCCS

[Anonymous]

First time writing....but I had 4 accounts in a CCCS.  I paid off early 2 of the credit card accounts and tried to cancel the CCCS on the other Credit Cards (CHASE).  The CCCS informed me that if I cancel their service CHASE would re-state the higher interest rate and charge late fees.  The thing is that on my CR, both CHASE accounts are up to date and I have open credit availability on both of these.  The CR does not show that these 2 cards are managed by a CCCS (the BOA and Lowes card both listed ..managed by CCCS services)  and I have  been making payments for about 4 years.  So, my question is :

1).  Is the CCCS correct or are they trying not to loose the $35 per month fee.

2).  I am worried that if I call Chase to discuss, they may list the cards under a CCCS managed accounts.

3).  I'm tempted to proceed with direct payments to Chase and gamble....I would apply the extra $35 bucks toward the payments.

thoughts?

[Anonymous]

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drax wrote:

First time writing....but I had 4 accounts in a CCCS.  I paid off early 2 of the credit card accounts and tried to cancel the CCCS on the other Credit Cards (CHASE).  The CCCS informed me that if I cancel their service CHASE would re-state the higher interest rate and charge late fees.  The thing is that on my CR, both CHASE accounts are up to date and I have open credit availability on both of these.  The CR does not show that these 2 cards are managed by a CCCS (the BOA and Lowes card both listed ..managed by CCCS services)  and I have  been making payments for about 4 years.  So, my question is :

1).  Is the CCCS correct or are they trying not to loose the $35 per month fee.

2).  I am worried that if I call Chase to discuss, they may list the cards under a CCCS managed accounts.

3).  I'm tempted to proceed with direct payments to Chase and gamble....I would apply the extra $35 bucks toward the payments.

thoughts?

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Why would you want to close a CC? 

 Never close a CC if it has a balance,as it will hurt you.

 Never close a CC unless it is costing you big bucks

When you close a CC it causing your UTIL to go up and scores to go down!

[SmartCookie]

2 cards are PIF thru the CCCS and 2 cards are current (with balances) but not showing as being in the CCCS?

I would call the companies of those 2 cards and ask them what the status is... document who you spoke with and find out what the impact will be if you remove the account from the CCCS.  Better to actually write them IMHO so you have proof of what they told you.

It is possible that the CCCS is telling you the truth, but you need to sleuth it.

[Anonymous]

I do not want to close the cards but I have paid (2) to zero and the other 2 (Chase), I would like to pay independent of the consumer credit CS, saving the monthly fee and applying it to the other 2 with a balance.  My fear is that Chase may indeed increase the % rate...I have a fixed 7% on both now.  The cards that I  paid to zero are marked "closed by credit card issuer" anyway.

[SmartCookie]

Read your agreement with the CCCS, but do call the other 2 ccc's to find out how they would or would not work with you should you cancel the CCCS or also make payments in addition to speed it up.

Regarding your 2 closed accounts, it would not hurt to ask them to change it to 'closed by consumer' (looks better on a manual review) as it was your choice to close them in choosing to use the CCCS.

[Anonymous]

SmartC,

thanks for the advice.

Mark

[Anonymous]

The CCCS will say whatever they need to in order to keep getting your money.

Call Chase and ask what you need to do to change your billing address & phone number and whether the change would result in any changes to the Chase interest rate or terms & conditions.  Just an inquiry shouldn't result in any changes to your Chase accounts.  If all goes well, once the address and phone number changes have been completed by Chase and you have received your first billing statements from them, then cancel the CCCS via CMRR (but be sure read the fine print of your contract and term & conditions with them first).

[Anonymous]

The Chase billing address is my address and no reference to a CCCS is given.  I canceled my electronic payment to the  CCCS and always get the monthly statement  from Chase. It would seem to me that I can just make the payment.  The statements just show an electronic payment reference number.  Also, both cards show available credit on them.  Does this mean they are active?

[SmartCookie]

Don't assume anything, things can get messy... so don't start cancelling payments before being certain of the facts.  The cards do appear to be active but still you have to ask them to be certain.  Usually it is a requirement to close the cards... so either this was not the case or it was an oversight.  You aren't going to find out for sure until you read the agreement and speak with the companies. 

[Anonymous]

Sure does.  Do you have physical possession of the current cards? 

Although you cancelled the electronic payment to the CCCS, you need to cancel in writing using CMRR for your own protection.  Be sure to read your agreement.  You may need to continue paying their monthly fee until they are in receipt of your notice cancelling their services.  Read the agreement carefully.  Be careful that a Chase payment doesn't get missed while you wind things down with the CCCS.