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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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On 7/7/2018 at 10:02 PM, chuck700 said:

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?!

This is not consistent with the first post in this thread...in THAT one, you indicated you were not paying on time but were instead paying before it became 30 days late.  A payment not posted by the statement due date is, by definition, a late payment. 

 

I am ALSO confused about why you believe you would no longer have a monthly obligation.  You owe them money and your statement will still generally cut with the terms that were in place prior to the closure.  Unless they declared the account to be in default and called the balance due in full, then your terms would remain monthly, albeit possibly at a penalty rate given the history of delinquent payments.    .                           .

.                        .                       .

Your local bank MIGHT be willing to extend credit, but I would not expect anyone outside of your small local institution with whom you SHOULD have a good relationship to do so.  The reality is your credit report will show that you are simply not a good risk and banks are not in the habit of lending to unknowns who present as a poor risk...

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With the pay in full cards, you only have to pay before the statement cuts. They are not considered late if you do that. I've had AmEx cards for 20 years, and that has always been true.

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This is not consistent with the first post in this thread...in THAT one, you indicated you were not paying on time but were instead paying before it became 30 days late.  A payment not posted by the statement due date is, by definition, a late payment. 
 
I am ALSO confused about why you believe you would no longer have a monthly obligation.  You owe them money and your statement will still generally cut with the terms that were in place prior to the closure.  Unless they declared the account to be in default and called the balance due in full, then your terms would remain monthly, albeit possibly at a penalty rate given the history of delinquent payments.    .                           .
.                        .                       .
Your local bank MIGHT be willing to extend credit, but I would not expect anyone outside of your small local institution with whom you SHOULD have a good relationship to do so.  The reality is your credit report will show that you are simply not a good risk and banks are not in the habit of lending to unknowns who present as a poor risk...



I don’t see where you find a discrepancy in my OP...I said I’ve never missed a payment...didn’t say I was never late. I’ve paid every monthly payment...even if it was late but never more than 30 days past due...therefore NEVER missed a payment.

I asked a question because I didn’t know the answer...this has never happened to me before. I’m not trying not to pay my debt...just wondered if i still had a monthly commitment...when they canceled my commitment to them...or so I thought. No worries.

These boards are filled with self righteous people. What the purpose for the boards of you can’t ask questions without condescending/judgmental responses?!?

You live and you learn! That my current situation...I can promise you the only reason I’m here is to learn from my bad decisions and not make the same mistake again!!

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I didn't judge you, but yes, you still have to pay the monthly payment, or more. ;) 

 

There are some judgmental people here - it's the internet, after all. However, by and large, CBers are pretty understanding people. :) If you click your name, you'll see a place to ignore people. Just put in the names of the judgmental ones so you don't see their posts. If you have trouble getting that done, send me a PM and I'll help you.

 

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