Wednesday, December 4, 2024

Negotiating a Payoff
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.

Scott Bilker

Scott,
I was told that I could call my older credit card banks, and "negotiate" a payoff of the account if I close the account. Is this true, and if so how will it impact my credit rating?
--Ken

Answer
Ken,
You can always negotiate anything! Pick up the phone and call today!

Negotiating won't impact your credit rating. If you're concerned about that then ask the bank what they are going to report. In the incredibly remote possibility that they say they'd report something negative just make it part of the negotiated deal the they don't report anything. Be sure to keep good notes about who you spoke with and what they agreed to do. Something in writing is always best.

Scott 

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