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I have a quick question if anyone can help. Will it negatively impact my credit report if I close an account with a balance? One of my cards is raising my apr as of March 2009. They have given the option to maintain my current rate if I close the account before that date. I am current on the account but am already struggling to make the minimum payments. Will it look terrible if I close the account with a balance?
Thanks for any help! |
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I am thinking about closing a couple credit card accounts with a balance and keep making payments. How bad would this hurt my credit score???
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I lost my job so I cannot apply for a 0% intro card at this time. If I close some accounts with balance and keep making payments,.. how much will my fico go down??
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Hi guest,
What was the reason they gave you for raising your APR? You should check your credit report immediately, likely it is already going down. The sooner you take care of this, the better off you will be. If you are struggling with minimum payments already, the higher interest rate will only make things worse. Closing the accounts yourself is far better in this case rather than waiting for the downward spiral. Especially since you just lost your job, your debt to income ratio will change significantly. So it is probably already going down. But how much depends on all the information on your credit reports and so there is no real way to predict. chrys |











