Question
Help needed in knowing about the unclosed credit card bills?
I am totally having 3 credit cards out of which 1 I am using currently and am paying bills regularly whereas the other 2 are not in use for about 1.5 years and I shifted from one place to another and so did not receive bills because of which I could not pay the bills. Now I have a poor repayment history for credit cards because of which my application for personal loan is kept on hold. I can pay the entire amount now and close my credit card outstanding. But still there would be a black mark and so my application would get rejected. This is what the bank is telling me. Is there a way I can get myself out of this black mark? This is a urgent query and any help would be appreciated.
1 month ago - 3 answers
Best Answer
Chosen by Asker
You need not close the account. Pay off the entire amount and change the address on your card. If you have Internet access, it's better to setup online account access, so that you can monitor it closely. After you made the payment you can write a letter to credit bureau to inform that you have paid it off. you might find www ... useful for credit score information
by Cash
1 month ago
Asker's Rating: 
Other Answers
Closing an old account could hurt you in a couple of ways. 1. It will be deleting part of your total available balances on all your credit cards in your credit report. 2. You could be closing your oldest card. "Length of credit history" is 15% of your fico. It would be best to pay off the cards in full and keep them open. Carrying balances in cards reduces your credit worthiness - showing you can not pay in full monthly. Use cards wisely - use them for things you need like food or gas, and pay in full each month - anything else reduces credit - and in some cases it can destroy your life. Nothing you can do to remove the black mark. But having no credit card balances will be a big plus on your report. /
by Judy- 1 month ago
Hi Alagu, What I would do is keep those accounts open, and just pay them off. Older accounts really help your credit a lot. If your interested in doing that, I would recommend just settling the accounts personally
by Chris- 1 month ago