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Posted in Credit Cards
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Question By
salim20001

5 Contributions
1 Person Helped
AMEX Canceled by credit grantor
I have cashed 5000$ from AMEX into my personal account and few minutes later the card had been closed.
I paid around 1000$ and still owe 4000$.
Is it affecting my credit if I don't pay this 4000$ ? If it's not affecting the Credit Score I would rather give it to charity than pay it back to the collector.

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Top Contributor
1884 Contributions
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Most Helpful Response

Don't think they won't want it back

Helpful to 2 out of 2 people

And if you don't pay it back they will collect.  It may not show right away on your credit report but over time it will. 

It will go in to collections and your credit score will be mutilated.  If they really closed the account, you should have received a notice.

They may have put a freeze on your account,  meaning you need to pay them back a good percentage of that loan before they will let you use the account again.   

If your not sure how credit works you need to educate yourself using sites like this one.  You've taken the first step by asking a question.  Follow through and fix this before it becomes a problem. 

Good Luck 

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