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Cancel Discover or no Cancel? Im thinking cancel.....

Date: Thu, 05/20/2010 - 09:53

Submitted by rown
on Thu, 05/20/2010 - 09:53

Posts: 70 Credits: [Donate]

Total Replies: 6


Hi as Ive posted im going to in the next few months when I get my final pieces in place and my last cash advance check is about a year behind me going to default/settle.

Let me be clear that at present I have zero concern with my credit rating. None. I will attempt some pfd at the settlement stage but if I cant get it done fine as zero balance and no more collections actions is obviously my #1 priority. My question concerns whether you guys think I should go ahead and cancel the cards I have no balances on currently. There are several.

I know that most creditors routinely snoop your credit report to find some excuse to rate jack/cld or any of the tricks they love to pull. I figure even the ones I have no balance on are going to cancel me once I get 6 months or so behind on the cards I DO have balances on so I figure Id just cancel them as I start.

That way in the distant future when Im again trying to repair my destroyed credit from settlement I at least dont show 3 "closed by credit grantor" but show I close them. I think thats a little better.

Opinions?....


Any more input? I see no real reason to keep it open personally as Im absolutely sure that they will close it for me once I begin defaulting on everyone else. So its not like it will continue to be a positive tradeline for me and not like ill actually use it for something.

I just wondered if I had missed any reason I might should keep it open.


lrhall41

Submitted by rown on Fri, 05/21/2010 - 04:38

( Posts: 70 | Credits: )


What makes you so sure they'll close your accounts? I think, if you have a zero balance and the account is in good standing, there's no reason they would close it. It might be better, in fact, for you to keep them open and make tiny purchases, like filling up your tank, and paying it off as soon as the bill comes. That would show a positive trade line on your report, even while you're settling the other accounts.
If they jack up your interest due to the other bad stuff on your report, it won't matter anyway if you're paying in full when the bill comes.


lrhall41

Submitted by OhioGal1 on Fri, 05/21/2010 - 05:12

( Posts: 5253 | Credits: )


I guess I can run a test because I have a Lowes (zero bal.) which I don't care about and will leave it open but I tend to agree with Rown, close them and it looks better later than if they close them.
Btw, Rown, I am the one who got settlement offer of 40% without asking at 39 days from Citi. I had a cash advance 3 months ago and they haven't even mentioned it.
As of today, they are supposed to call me back...the woman I am working with is trying to get her manager to go for 25%. I had countered with 20%.
Kaylee


lrhall41

Submitted by kaylee on Fri, 05/21/2010 - 06:43

( Posts: 176 | Credits: )


Thanks for all the input.

Im not 100% sure that they would but all of the bad things that have happened to me even BEFORE my default they have blamed on things they see on my credit report and not on actual payment delinquency (i.e. low payments compared to balance, high utilization ratios etc) so it just made sense to me that when I REALLY get bad they would jump ship as Im now a known proven credit risk.

Ive seen in quite a few posts on various boards that people have had em close on them when they started default prior to settling.

I guess I might leave one or 2 open then and see.

And as for my credit ive closed quite a few down in the last couple of months, even some with large balances on them when they sent me particularly bad change in terms notices. I didnt want to be bound by the new bullsh rules so I canceled.

So my util ratio is in the toilet anyway :P


lrhall41

Submitted by rown on Fri, 05/21/2010 - 08:13

( Posts: 70 | Credits: )