Closed credit card help, please

[Mileager]

Hello all,

I had 3 cards and a checking account with Chase. A few months ago they closed all my accounts with no (real) explanation. They said their "corporate partner" made a decision to close the accounts and wouldn't tell me who that is or for what reason.
Through some research I found it was probably because of credit cycling my Amazon card (for MS).

My question is, I have another card with them (Slate, coming off 0% APR) with a high balance which is now also closed. Do I still have to pay it back? Its already marked closed on my credit report so I'm not sure if paying it off will help anything.
I have every intent to pay off money that I borrowed on a card but figured I'd ask here first, if leaving it doesn't hurt my credit and paying doesn't help it, why give them all that money?

Thank you so much for your time!

[Davidthebest]

They can still report updates on your card even it is closed just like it would be open. 

[Mileager]

Got it, thanks.

Your status shows you probably know what you're talking about...would you recommend taking a settlement for a 25% "discount" (plus. inevitable credit hit) or long term payment plan?

[AsherO]

Hello all,

I had 3 cards and a checking account with Chase. A few months ago they closed all my accounts with no (real) explanation. They said their "corporate partner" made a decision to close the accounts and wouldn't tell me who that is or for what reason.
Through some research I found it was probably because of credit cycling my Amazon card (for MS).

My question is, I have another card with them (Slate, coming off 0% APR) with a high balance which is now also closed. Do I still have to pay it back? Its already marked closed on my credit report so I'm not sure if paying it off will help anything.
I have every intent to pay off money that I borrowed on a card but figured I'd ask here first, if leaving it doesn't hurt my credit and paying doesn't help it, why give them all that money?

Thank you so much for your time!

If you don’t pay it you’ll end up delinquent. “Closed” is a status for the account, they still record the payment status each month, and if you paid until now and they just closed it then for now you’re current. But if you stopped paying you’d be 30 days late in a month, 60 days late in two months, etc, eventually they’ll charge it off and you’ll have account status “charged off” and payment status “CO/charged off” each month. If they send it to a collection agency (which is likely) then you’ll also have a derogatory collections account on your credit report.

[AsherO]

Got it, thanks.

Your status shows you probably know what you're talking about...would you recommend taking a settlement for a 25% "discount" (plus. inevitable credit hit) or long term payment plan?

NO!! If you have (or can borrow from a relative) the money to pay it off certainly do so now. Your credit is likely more valuable than the 25% discount if you lease a car, have or plan on applying for a mortgage, plan on applying for other credit cards, etc.

[Mileager]

Awesome, thanks so much for the info. Was on the fence re:accepting settlement but will definitely reconsider now.