Close account or settle?
Date: Sat, 10/03/2009 - 11:03
Is it better to accept an offer to close your credit card account and do a fixed monthly payment at a lower interest rate instead of doing settlement? I've heard that having a balance on a closed account may be more harmful to the credit score. Anyone have any feedback?
Would need more information about your personal situation to ans
Would need more information about your personal situation to answer that question. If you are worried about your credit score than closing your account to keep the lower rate and continuing to make payments is going to be far better for your score than debt settlement. What you are comparing is basically apples and oranges. How much do you owe on the card? What other debts do you have? What are the status of those?
