Here's a question I need help with.. I have a sears account that I am presently paying off I have been credit revoked on the account in other words they will not allow anymore charging on the account which I understand. but my question is should I list account as closed by consumer or should I leave it as is and just pay it down and leave it till I get the balance down if it will even affect my score if I pay it off Right now it's listed in my credit reports as a open account but they want me to reapply for another card when it's all said and done the closed by consumer was suggested by sears rep
Unless you plan on making a lump sum payment to zero out the account, I would leave it open while making payments. Prematurely closing the account could revoke your rights and give the issuer leverage to change the terms and conditions. Your interest rate could change at their discretion. So, pay the account off when you can. Then, have the verbiage changed on your credit report to "account closed at consumer's request." I wouldn't be concerned about the affect this account has on your score right now. CardKid
