I am 60 days late on a credit card. Issuer is threating to close account if I do not pay full balance immed. I am unable to make full payment and they will not accept partial payment. Letter stated if I don't make full payment by 7/20/02 they will cancel card and report same to CRA. If I cancel card myself will that look better than issuer canceling it?
If you cancel the card, yes it does look better to potential creditors when an account is closed by consumer rather than closed by credit grantor. However, on the flip side of this (for your situation anyway) is having a balance on a closed account hurts your ratios and just doesn't look good. Which creditor is this, if you don't mind me asking? Does it state in the terms and conditions that if THEY close the account the balance is due in full? How about if you close the card, is it still due in full?
