Would it help my credit score to close my CC accounts b/4 bk?

[Sham11801]

As to the closing my accounts. I didn't know if you could close them or not if you still owed a balance. I would just rather it say on my credit report closed by borrower rather than credit granter.




Unfortunately, it will not reflect "closed" until the balance has been paid off. CC companies will not close the acct if there is money owed on it. This allows them to continue billing you late fees, etc. If its included in the BK the status will reflect that after anyway. It wont matter how it affects your score after that, the BK will be the biggest determining factor.

[Brighterdays]

I appreciate the info. I am just trying to get my ducks in a row. I want to weigh all my options (in both monetary and "creditary" terms(ha I just made that word up)) before I proceed. I may just say to hell with it and quit paying everything and worry about it after the fact.

Anbody know if you can rent a hotel or car with a debit card?

[LuciluS]

I
Anbody know if you can rent a hotel or car with a debit card?

Yes. I've made plenty of hotel, car & plane reservations with my debit card online and by phone. I don't tell them it is a debit card. They just ask if it is a Visa, MasterCard or Amex, the card number, the exact name and mailing address and the last 3 digits on the back of the card.

My back usually puts a hold on the account for $100. So if your funds in your checking account or low, you might want to call your bank and ask them what their policy is on out of state hotel or car reservations.

Luci

[deepend]

I received notices from two credit cards in the last month that my accounts are now "closed" even though there are (large) balances still owing. I use True Credit to monitor all three credit reports and got an alert so I checked tonight and TU is showing those credit accounts changed status from "open" to "closed". ?? Basically, charging privledges are revoked - which doesn't change anything for me as I stopped using them in Jan.

[jktrading]

I'm not convinced a "closed by consumer" is better than a "closed by credit grantor" if that is what you mean. Lates, collections, charge offs, definitely contribute to a lower score.

Since the BK is to remain for 7-10 years on your public records section, I doubt that someone looking line by line on your credit report would make much more issue on why the "closed by credit grantor" notation is on there.

As a purely score driven rating, I have never heard anything derrogatory about the "closed by credit grantor" notation. Again, anyone going in detail would see the BK anyway, and put 2+2 together.

BTW, you can close accounts with balances and not charge anymore. Then, it should say, "closed by consumer" on the reports. I'm sure they will ask why you are closing, etc. I chose to not contact them.

[shabam]

Guys, at the end of the day having a BK on your report is one of the worst marks. If not the worst mark on your cr. Anyone thinking about beating the system is just fooling themselves. The reality is that a number of lenders will not lend to you based on the fact you filed for BK. Some maybe never. To be honest I find it laughable that anyone, regardless of reason, is looking at credit scores after filing. You just filed or are filing for bk. No way getting around it.

It's on your credit report for a good 10 years I believe.

[Logan]

Guys, at the end of the day having a BK on your report is one of the worst marks. If not the worst mark on your cr. Anyone thinking about beating the system is just fooling themselves. The reality is that a number of lenders will not lend to you based on the fact you filed for BK. Some maybe never. To be honest I find it laughable that anyone, regardless of reason, is looking at credit scores after filing. You just filed or are filing for bk. No way getting around it.

It's on your credit report for a good 10 years I believe.

I'm looking to buy a house ASAP and I'm 1.5 years out of BK. You're telling me that my credit scores are not important?

My scores are 698, 684 and 666 (Real FICO ) and I was discharged Sept. 07. I don't care about the banks that won't loan with a BK but I do care about my score for the Banks that will.

Logan

[Brighterdays]

I just don't think some of these people get it. Your credit score matters. Yes, a bk is "supposed" to stay on your credit report for 7 to 10 years and does effect your score the most. Having been in the mortgage industry for almost a Decade, I can attest to the benefit of keeping your credit report as neat and tidy as you can, will definately help you get a loan. Lenders require you to explain(to their satisfaction) all derogatory credit remarks on you report. And yes the lenders want you to explain why the creditor closed your account( I have seen it).

If you have a 500 credit score w/out a BK, and I have a 650 with a BK, I guarantee you, I have a better chance getting a home. I have seen it and I have actually gotten people financed. usually 1 year out "was" the minimum you need to be out of BK.

Yeah, I have hit a snag in my life. I will get over it and Life will return to normal. Just because I am filing BK doesn't mean my life is over. I plan on using credit Responsibly, down the road. I will want to get a house, probably a car and 1 credit card.

[Logan]

Guys, at the end of the day having a BK on your report is one of the worst marks. If not the worst mark on your cr. Anyone thinking about beating the system is just fooling themselves. The reality is that a number of lenders will not lend to you based on the fact you filed for BK. Some maybe never. To be honest I find it laughable that anyone, regardless of reason, is looking at credit scores after filing. You just filed or are filing for bk. No way getting around it.

It's on your credit report for a good 10 years I believe.

I just applied for one of those cards that you're talking about. First question was Have you ever declared BK. So I actually didn't apply since I stopped right there.

Guess what? I don't care. I applied because I would have received $30 off an Amazon purchase and then the card would have gone in the trash but like I said I discharged 100K so who gives a crap about $30?

Logan

[Brighterdays]

I just applied for one of those cards that you're talking about. First question was Have you ever declared BK. So I actually didn't apply since I stopped right there.

Guess what? I don't care. I applied because I would have received $30 off an Amazon purchase and then the card would have gone in the trash but like I said I discharged 100K so who gives a crap about $30?

Logan

Best buy is the same way. I am more interested in financing a house or a car. Orchard bank had some deals on getting a decent CC after BK. Small credit limit, but what would you expect?

I am trying to find out what credit repair service we used, but we did get a bk erased from all 3 bureaus. And yes it was her bk.