Credit card payoff?

I recently got an out of court settlement for a car accident that I was in. The money is enough that I%26#039;m fairly certain if I offer it to my credit card company to pay off my existing debt they will take it. It essentially knocks off about 1/2 the interest I owe. I am not behind on any payments and am fairly certain that I can also negotiate to have them report it as paid as agreed to credit agencies so that it will not have a negative effect on my credit score.

My question is, if I do pay off the debt this way, will they require that I close the credit card? I realize that usually pay offs are done because of trouble paying, but in my case I want to do it to bring my balance back down to zero so I can go back to making full or almost full payments each month. That is where I was before I incurred unexpected charges as a result of the car accident-which is the reason I am now carrying the debt-and I just want to get back to that position.

Credit card payoff?

If you just pay everything that you owe (interest included), you can keep the card open.

If you try to negotiate, they%26#039;ll likely close the account on you.

Credit card payoff?

why dont you talk to them,if they think your genuine,then they will want to keep you as a customer.plus it will show you as being responsible. be honest and up front,it does pay in the long run

Credit card payoff?

You ONLY have two options here. Pay it off COMPLETELY and then you can start over as you wanted to...OR, OFFER them some amount of money (offer them, DO NOT send them the money without a letter of acceptance) to settle the account IN full. This MIGHT save your credit but you WILL loose the card and the account.

You cannot bargain to reduce the account balance (principal OR interest) you can only negotiate to SETTLE the account for less then you owe. And they don%26#039;t ALWAYS want to do that.

Credit card payoff?

Since you are not behind, bank the money, collect interst

and double up your payments, it will make your credit worthiness better, than settling when you aren%26#039;t behind or in trouble.

Credit card payoff?

It is unlikely the credit card companies will accept your settlement offer. They have no incentive to do so. But IF they were to accept, your accounts would be closed.

Use the money to pay down the cards and save the interest. With the balance reduced, you should be able to pay off those cards quickly.