Can you close an account with a balance?

chelseablue

Is it possible to close a credit card account that still has a balance on it?


If you can is it bad for your credit rating if you do?

[Deleted User]

No. It can have a spending block put on it but will remain open until cleared in full.

MrsTinks

Or just reduce the limit on the card regularly as you pay it off You can cut the card up if you like to stop you being tempted - but no you can't close it until you have paid it off. Make sure if it accrues interest that you leave enough limit on it to not go over if interest is applied

chelseablue

Thank you both, you've been a great help

YorkshireBoy

MrsTinks wrote: »

Or just reduce the limit on the card regularly as you pay it off

That would impact adversely on credit utilisation, being as your credit report would show very nearly 100% used, ie maxed to the hilt in debt. No bad thing if you've no need for credit in the foreseeable, but very bad otherwise!

Jlawson118

Yes you can, it will be marked as closed but in theory, it will remain open until the balance is paid in full and then it will close itself

[Deleted User]

on a similar note, i have a BOS credit card which the bank closed, albeit i still pay a monthly payment with interest, just a pity it wasnt without it :-( as its gonna take a long time to clear
so i suppose its the same thing as the replies
thx