Legal Question in Credit and Debt Law in Georgia
Closed credit card account(s)
Due to my ours being cut and financial hardship, I recently closed a credit card account. After doing so, I was informed that I would still be charged a late fee and over the limit fee for being late, even though the account was closed at my request. Is this legal? What action can I take to keep Capital One from ruining my credit?
2 Answers from Attorneys
Re: Closed credit card account(s)
If you still have a balance on the card, of course you still have to comply with your agreements to pay on time, stay under the limit, etc. The card issuer does not somehow lose its rights to collect under the contract you both agreed to simply because you made the decision to not charge anymore. Closing the account just means you cannot charge on it anymore - it does not somehow get you out of paying per the terms you agreed to, or you risk your credit. Read your agreements.
Re: Closed credit card account(s)
It is legal (assuming those charges are in the credit card agreement). To keep from ruining credit, pay everything on time.
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