AskI am not yet in a pastdue account in credit card because I still pay minimum amounts but I want to know if it is possible to close my account and have like a compromise agreement with the bank at this point?
Will I am going to have a bad credit record with that? I want to stop using the card and its interest that it imposed. EAstwest and HSBC are my CCs. Please help
Tags: agreement, card, compromise, credit, eastwest, hsbc, record
3 Responses to “Question regarding closing account on credit card…”
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I believe you’ll have to settle the full amount before you can request for your credit card accounts to be closed. If you settle the full amount, you won’t have be blacklisted. If you can’t, however, settle the full amount immediately, you can negotiate with them regarding the payment terms. Maybe they have a balance conversion scheme where you can convert your outstanding balance to installment which might be easier for you to pay. The thing with credit cards is that you should pay always the full amount due, not just the minimum amount due, so it would not earn interest, but since this is already the case, you’ll have to be creative but should be focused on one thing: settling the total amount due. With my experience with EastWest, their customer service people are reasonable to talk with. You can ask for their assistance in settling your account balance. i think if you’ll present yourself as a sincere person who really wants to settle his/her obligations, they can find ways to help you. I think Fitz has an old article about how to settle credit card balances… you may want to look it up. I found it helpful 🙂
Don’t be overwhelmed. It’s a good thing you wish to stop using the credit cards when you realized you cannot keep up with the swiping. God bless 🙂
you may want to check out also the previous threads related to your concern found in the “Loans, Debts & Credit Cards” category in this forum. 🙂
Just echoing what Karen stated.
Aim (save) to pay the full amount (no matter how much it is). Then close the acount.
They may offer another reasonable term but you may be lured to keep the CC which then imprisons you of this payment dilemma.
When you get a new CC, remember to always pay the full amount. Next time you swipe, challenge yourself and ask ‘Can I pay the full amount when due date comes?’ If no, you probably do not need what you are buying.