I have two credit cards that were closed by grantor due to late payments. I know that closing a credit card can look bad because you lose that line of credit. Should I try to reopen these accounts?
Yes, you should request the creditors to reopen the closed accounts. Set up a payment plan with the creditors, and also request them to agree to a "Pay for delete" (PFD) agreement. If the creditor agrees to PFD all the negative information regarding these accounts will get removed. However, not all creditors agree to PFD.
Thanks for the reply! I paid these off and they still closed. Sears opened back up but chase has not. The funny thing to me is they actually make money off of me because I pay all these high interest rates and I pay everything off eventually. I am just late with my payments. I know it's stupid on my part. One question, what is a pay for delete?
"Pay for delete" (PFD) agreement is the one through which you request the creditor or collection agency to agree to remove the negatives from your credit report in regards to the account on which you are making payments on.
However, in your case you have already made the payments. So the creditors will no more agree to PFD. You can rather send Goodwill letter to the creditor. This is simply a request to remove the negatives on basis of your goodwill.
credit card closed
Hi Andrea,
Welcome to this community :)
Yes, you should request the creditors to reopen the closed accounts. Set up a payment plan with the creditors, and also request them to agree to a "Pay for delete" (PFD) agreement. If the creditor agrees to PFD all the negative information regarding these accounts will get removed. However, not all creditors agree to PFD.
Thanks,
Aaron
Credit card closed
Aaron,
Thanks for the reply! I paid these off and they still closed. Sears opened back up but chase has not. The funny thing to me is they actually make money off of me because I pay all these high interest rates and I pay everything off eventually. I am just late with my payments. I know it's stupid on my part. One question, what is a pay for delete?
credit card closed
Hi andrea,
"Pay for delete" (PFD) agreement is the one through which you request the creditor or collection agency to agree to remove the negatives from your credit report in regards to the account on which you are making payments on.
However, in your case you have already made the payments. So the creditors will no more agree to PFD. You can rather send Goodwill letter to the creditor. This is simply a request to remove the negatives on basis of your goodwill.
Thanks,
Aaron
Aaron,
Do you know of anywhere I can get some free sample letters of goodwill?
Thank you,
Andrea
goodwill letter
Hi andrea,
You can check out one from :http://www.creditinfocenter.com/forms/sampleletter8.shtml". You can also check out other Sample Goodwill letters from the Internet.
Thanks,
Aaron
I believe that good will doesn't really work. I find that what people think is good will, is really a polite 623 investigation.