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So, I’m swarming in debt...treading water...trying to keep my head above water. We got into a boat load of debit, opening a business. I’ve been paying my debit but not on time but before the 30 days late mark. I have two questions.

 

1. My pride is a little hurt that they cancelled me but i really don’t care because i don’t want to be tempted to keep using the cards to survive and further sink. But my question is...now that the account is closed, do i still have a monthly bill since the account is closed? I know i still need to pay the balance...yes, they closed it with a balance...but do I still have to make monthly payments

 

2. Does anyone know of any consolidation options? My score has tanked since maxing my cards so I don’t know if anyone will approve me based on my scores or will they see my scores are low (mid 500’s) because of debt. My score was over 700 before I maxed out my cards.

 

3. Why do they do stuff like that?!? I was paying every month. Clearly, I was trying and i cared. I wasn’t still charging just trying to breath (pay bare minimum until my break through). Not a real question...more like a vent.

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Unfortunately you are considered a very high risk to AMEX. More than one missed payment puts you on the radar and they periodically SP your credit report to check for risks including late payments and maxing out cards. Citi does it, Chase does it and so on. Best case is to pay off the debt as fast as you can, manage and wait it out to apply again. Stiffing them with the bill will get you blacklisted for a very long time. 

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I’ve never missed a payment and I have no plans on not paying my debt. I just want to know if I still have a monthly obligation with them or pay it off as soon as possible...no longer subjected to 30 days late?!

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You typically can pay off under the terms of when they closed your account. 

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