Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
jmgroover0731

0 Contributions
0 People Helped
Closing a delinquent account vs. making smaller payments
I have missed 3 payments on two Capital One cards (life happens), and both of the accounts are now delinquent. My credit score went from being 595 to 470. That's a serious hit, which is understandable, as I was not responsible and couldn't make my payments. I'm considering closing both accounts, as I feel like I will never be able to get them back in good standing. Is closing them going to hugely impact my credit score (again) or is it the right thing to do? I am young (23) and do not want to ruin my credit any more than it has already been ruined. These accounts are also only 5 months old, so they are relatively new. Advice?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7344 Contributions
3805 People Helped

Don't close!

Closing will really hurt your credit score and you still have to pay the accounts anyway.  Consider searching Dave Ramsey's site for information on how to resolve debt, possibly negotiating smaller payments.  The accounts are too new to just ignore, and you could get sued for the balance due.  Just get to work on making payments because that is the responsible thing to do.  Also, re-read the articles on this site to better understand how to use credit.  You are young enough to turn this situation around to yours and their mutual benefit.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.