Information How a Repayment Plan will Affect Credit

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sunil

Joined: 07 May 2009
sunil's page
Posts: 41

2 Magic Points

Subject: Information How a Repayment Plan will Affect Credit

Thu Jul 02, 2009 6:03 pm

I want to lower my 30% APR on my unsecured credits cards and expedite payment of my credit card debts; but I am told by the banks that they will go as low as 6% for 12 months or 0% for 5 years, so long as I agree to enter into a one of these payment arrangements and close my credit card accounts - How will entering into ashort- or long-term payment arrangement and closing my credit card accounts impact my credit score? Also, in this case, is the account being technically closed by me or by the bank? Does that distinction matter?

Sven

Joined: 22 Jun 2009
Sven's page
Posts: 63

1596 Magic Points

Thu Jul 02, 2009 11:55 pm

Have you defaulted on any of them? A payment plan will be a negative entry.

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