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Does approaching lenders to freeze your interest in cards affect your credit rating?
angelica64
Posts: 1 Newbie
in Credit cards
My husband is embarking on a plan to reduce his substantial credit card debt. Does approaching lenders by letter to ask them to put the account on hold while it’s paid off with an agreed monthly amount affect your credit rating? Or does this happen at the next stage?
1
Comments
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It would have an impact. Remember the data is there for use by other parties to determine credit worthiness. Be worthless if critical information was excluded. Addressing the debt should remain the priority issue. Anything else can be rectified in the years ahead.1
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Asking no, actually having it in force yes as you're not complying with the terms of the agreement you signed so it'll probably be something like an arrange to pay marker. However as Thrugelmir pointed out addressing the debt is the priority and you don't want to be applying for any more credit anyway.
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