question about credit cards/credit reports

[onethatcares]

I'm not sure if I can cancel a card that has a balance on it and continue to make payments until the balance is paid off at the present interest rate. Can that be done?

The free credit reports available, can you safely use the site shown on the television?

[Sammy Pepys]

1. Don't use the free credit report ads you see on TV.

They're not really free...they want you to sign up for something that costs money.

As for paying off a canceled card, that may depend on the lender and whether you stay on time with your payments. If you've had the card for a while or it has a high limit, it may be worth more credit score-wise paying it off but keeping it open than closing it. Of course, that also depends on what else is in your credit file.

[OrangeCountyDemocrat]

2. STRONGLY Doubt It

I cannot imagine that a card will allow you to cancel as long as there is still a balance.

[CrispyQ]

3. You should be able to close your account even with a balance.

Nothing will change except your ability to charge anything to that account. You still owe the balance.

That's how it's worked for me in the past.

[meegbear]

4. If you cancel the card, they have the right to demand full payment ...

I am using a debt considation service and they got my rates lowered, but they closed the accounts; that's how they work - they make a deal with your creditors to do it. Unless your heavy in debt, they won't take you.

Best thing to do is to just cut up the card, and pay it off.

As for those TV ads, it's not worth it. You are eligible to get a free credit report once a year. Call your bank or the bank that your card is from and ask for one.

[Kingshakabobo]

5. Yes. You can cancel.....

It will reflect "account closed by consumer" on your report......of course, the balance and payment history will continue to report.

I would buy my own report from the credit bureaus.

www.transunion.com

www.equifax.com

www.experian.com

These are the big three.....I use these. I'm a mortgage banker.

[Behind the Aegis]

6. Some help...I hope.

You can close an account with a balance. However, you miss one payment and your interest rate will skyrocket! If you are using a consolidation company, use one approved by the Chamber of Commerce in your city. DO NOT use ones you see in print ads and on TV!!! I got caught in that trap and ended up in worse debt!

Finally, the free credit report on TV you can use, BUT read the form thoroughly!!! There is a little box to check that says you DO NOT want their monthly updates, if you do not check that box, you will start seeing charges show up on your accounts!!!!! However, the best way, but a little longer, is to contact each credit reporting agency and ask for your report. Everyone is entitled to one free one a year!

Hope that helps. Good luck!

[Fresh_Start]

7. Your questions

Fair and Accurate Credit Reporting Act of 2004 provides you with one free credit report per year from each of the three national consumer credit bureaus. Best access point is annualcreditreport.com which provides a bridge to all three credit bureaus. At various points the bureaus will try to sell you fee-based services, do not accept any of their bells and whistles.

In terms of credit cards, most creditors will allow you to close the account while continuing to payoff the remaining balance. Obviously if you don't payoff the balance but let it go bad, that would be harmful to your credit.

Ask the individual creditor if they support it.

[SCantiGOP]

8. actual free credit report

As someone mentioned, all of the 'free' credit reports sites will sign you up for paid updates. By law, you can go through the FTC government site and get a free report from each of the three agencies once a year. This is perfectly safe and won't cost a thing:

http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm