How do I deal with chase closing my accounts?

[Anonymous]

You will want to pay off that account. the lender will want it paid off anyway im sure.

Get your scores and report and work on goodwill letters for any lates in the past.

SPeak with a lender/consultant to see what else you need to do. 

Start saving and getting prepared in all ways.

Dont open any new credit or rack up any debt.

Good luck

[Anonymous]

Thanks for all the advice guys but I have stated that I certainly intend on paying the closed card off.....My question to you all is when/how would you advise that I do It?

Take the money from my house savings and pay it off immediately? Or pay it off gradually within the 4 month time frame? That way I don't have to dip into my savings. How bad will it affect my scores if I pay it off gradually?

Also is it worth me doing goodwill letters for paid accounts that are 5-6 years old? I don't want to run the risk of the goodwill request being turned down and put in dispute status.

[Anonymous]

I think most would recommend paying off a closed CC that has a balance ASAP since that's viewed as a maxed out account with respect to your credit report/score.

[Anonymous]

To repeat my advice, you need your mortgage scores now!    The report will give some guidance as to what factors (if any) are bringing down the scores.   If they are somewhat low, then yes, using some of the money saved for the house payment may be a good idea.   If (and let's hope it's not the case) they are very low, then maybe the mortgage has to wait.   Getting the scores allows you to know how on track you are for a July mortgage application

[Anonymous]

It's done I took the money from savings and paid the card today. Hopefully the cli I was able to get with walmart and citi was enough to offset the credit utilization loss I will take from these 2 closed cards.

[Anonymous]

@longtimelurker Im pretty sure the high utilization of 2 capital one cards are what's holding my score back. They were over 90% utilization. I just recently got them down to under 87% but my report hasn't updated yet.

I also have 2 90 day lates with Bloomingdales and qvc a 120 late with another creditor. All of them are paid as well as closed and are 6 years old. My scores were once in the 700's with these on my report though so I would be surprised if that's what's holding them back.

[Anonymous]

I wouldn't worry about utilization and keeping 50 cards open if you want a mortgage. They're going to make you clear ALL of your non mortgage debt anyway before they approve you. Your singular goal for a mortgage is not all the useless credit card gathering and keeping games you get a lot on these forums, it is simply put CLEARING EVERY BALANCE ON EVERY OPEN LINE OF CREDIT before you apply. You shouldnt have any balances period. Dont worry about Chase closing your account, but pay them off and your cap 1s as well. Doesn't matter if it's open or closed because they'd make you pay it off anyway before you got a mortgage.

[Anonymous]

Well it sure feels great to have that card finally paid off and closed. I'm sure it's for the best anyway.

Wow I don't know if I will be able to have all cards paid down to 0. The 2 Capital one's with the high balances and a Macy's card I have will be paid halfway down. Everything else is at or will be at a 0 balance by the time I apply. Are you sure that it's absolutely necessary?

[Anonymous]

What's your need to buy the house in the short run, can you delay?

Assuming you aren't getting some kind of special low promotional interest rate, the credit card debt is killing you.

If you can pay it ALL to zero and then start saving for the house with NO DEBTS. You will keep much more if your money since you won't be paying ridiculous amounts of interest.

But maybe there's an urgent reason why you need the house now?

[Anonymous]

We own a home now and my family has grown out of this house. We definitely need to move this.need to move this year. Also with rates appearing to be going up I really don't want to delay at all......and the community we are interested in building in is selling fast. Also I do have a balance transfer good until 18 months from now.