Chase Visa closed a credit card used exclusively by my wife for exceeding the credit limit for 3 consecutive months. Since it is my credit card (I put her on the card 5 yrs ago), what can I do to minimize the damage which has already occurred to my credit rating.
How can the closure of a credit card account affect my credit rating?
Paying off the debt completely will have the most immediate impact to your credit rating. If that's not possible, pay it down as quickly as possible.
If you can pay down the Chase account substantially, either by using a balance transfer, or from money out of your savings, you may be able to get Chase to re-open the account.
Taking your wife off of any other credit card accounts she has with you will help prevent future damage.
Reply:Have you called Chase yet? Keep the account open for your credit history...the damage is already done but it will look far worse if the account is closed. I would like to suggest a site that may help you http://www.thecreditrepairmanual.com
Best regards,
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