Posted on
June 22, 2009
at
11:09 pm
I have not paid one of my credit cards for a certain period of time and have been informed by my creditor that they have already closed it. Can anyone tell me what happens after that
Posted on
June 23, 2009
at
4:38 am
Yeah, i also want to know what I can do after my account's been closed. Is there any way that I can use the card again?
Posted on
June 23, 2009
at
5:09 am
You can try speaking with your creditor and request that the card be re-opened. It's not very likely that they'll do that, but there's no harm in trying. They may ask you to make a payment to bring the account current--like your amount past due. But it really does depend on the creditor's discretion.
Posted on
June 23, 2009
at
5:35 am
what are they going to do with my account if i'm not able to use it. well I havent paid my bills because I already am behind on all my payments. me and my wife are not as earning as much as we used to. I am now in $27k in debt. I dont know how to take care of this thing right now, it's too much for us to handle
Posted on
June 23, 2009
at
6:02 am
If an account's been closed, evidently, you won't be able to use it. The creditor may require you to pay off the balance, or at least the amount past due, to bring it current. If that isn't possible for you at the moment, you can try to settle the loan balance with your creditor--either personally or thru a debt negotiation company. If the account remains behind due to non-payment, it will continually be reported as such on your credit report, until such time that the account would be charged-off. When that happens, it will be reflected on your credit report for seven years.
Posted on
June 23, 2009
at
6:44 am
Since you mentioned that you have an outstanding debt I suggest that you seek out debt relief options. You may try to settle your debt, or go thru credit counseling. It's been widely suggested to acquire a debt consolidation loan, but really, what it does is add insult to injury--paying off debt with another debt is not really a very good idea. This is a common thing to do, and homeowners usually utilize their home equity loans to serve as payment for their debts. What they usually don't know is that once you default on your home equity, you stand the chance of foreclosure. It's not really a very good idea.
Posted on
July 1, 2009
at
4:33 pm
Also, if a creditor closes your account it has a negative impact on your credit. And on top of what Karess mentioned, if you need help seeking out your best debt relief options, feel free to fill out a form on DestroyDebt.Com for a free consultation.
Posted on
July 23, 2009
at
11:03 pm
how long will a closed account reflect on my credit report? does any one know?
Posted on
July 23, 2009
at
11:57 pm
As far as I know, the closed account notation stays on your credit report for as long as seven years. (Do correct me if i am wrong tho.)
