Cancelled credit card advice

[Anonymous]

Hi all,

Just posting for some advice on how to deal with 2 cancelled credit cards. I’m hoping to rebuild my credit (currently at around 550 for all 3 reports) because me and my husband want to buy a house.

First cancelled cc is with AmEx and a balance of $5000. Account went delinquent about a year and a half ago. The account shows as cancelled, but it still shows an available credit limit and the monthly minimum payment needed. I stopped paying for about 8 months due to hardship, but starting paying a small amount (way below the minimum) every month and have been doing so for a while now.

Second cancelled cc is with WF. Balance is $3000. Same situation, but it’s no longer showing minimum payment due and no credit available. WF also still owns the account.

Ideally I would like these off my credit report. What should I do? Offer a pay for delete? Anyone have success with either of these banks?

Or should I just pay in full, or settle for less than due? AmEx is offering to settle, but I know it doesn’t look good. Haven’t talked to WF about it yet.

[Girlzilla88]

Honestly I would settle with them if they are allowing it and then get it removed later if it still reports you want to try to avoid pfd if possible especially if you want to try to get back good with them later

[RobertEG]

Creditors (or a consumer) can close a credit card, which thereafter prevents further new charges/purchases.

Closing does not "cancel" the account, and any unpaid debt continues to properly be reported and included in your percent util calculation.

You can informally contact the creditor and request that they delete their reporting of an account.

They may agree if the debt has been paid, but usually wont if a balance remains.