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Additional Details
the reason i am asking is because
i have 6k in private student loans
they are charging me 10% interest
i have a credit card willing to give me 0% ... |
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Blake's Mom | How do I cancel a credit card? |
I have about 10 credit cards and want to cancel about half of them just to help with my credit score. Is there a way for me to cancel them and then if I have to, apply for them again? The thing is, a lot of them are to different stores like Home Depot, Best Buy... and if I canceled it and then needed to do a repair to my home that I needed to charge I wouldn't have the credit card anymore. Also, what's the best way to cancel a credit card? Do I just call the # on the back and follow the instructions or is there an easier way so I don't have to talk to anyone? |
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tudorjason (matt)
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Canceling credit cards actually does the opposite effect; it will actually decrease your credit score. Parts of a credit score include length of history and overall amount of credit available compared to the amount of credit used. If you close accounts, it will severely shorten the overall length of your credit history. It'll also look like you have more debt than you should. If you have say about $25,000 in total for a limit now, with only using $5,000 - it doesn't seem like much. But if you cancel cards, your total limit will decrease, let's say to $15,000 compared with $5,000- which makes lenders think you are using too much credit.
If you don't want to be tempted to use extra cards, just cut them up or keep them in a safe place. And watch your statements to ensure that charges aren't being put on them.
If you really want to close accounts, you'll need to call the customer service number for each individual company you have a card with. |
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pura_rosa
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Actually having them open and paid off in full is better than cancelling them, credit score wise. |
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AskAStupidQuestion...
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Wow, someone who doesn't know how to do the simple task of closing a credit card probably shouldn't have so many.
1) Call CS#
2) Say "I want to cancel"
3) resist their attempts to get you to stay.
Pretty simple. |
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Big R
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you need to call the credit card company and tell them you want to close the account |
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skindeeppretty
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call the number on the back and cancel with who ever you talk to. its easy. you can go back and get a credit card again from the place if u cancel it |
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hensen
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It doesn't look good to close too many at once, how many are true credit cards and how many are store credit? |
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DAS
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The best advice is from Pura, it is better to just keep these cards, and not use them. Make sure they are zero balance. Your credit score will substantially take a dive, if you close these accounts down. Also, what would be the point, of closing these accounts, and then reopening these accounts back open? Just put these accounts to the side, don't use them, and you will be okay. |
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Lisa
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To cancel them you just call the credit card company and tell them. Before you do that, read this article from Suze Orman. Canceling them all may not be a good idea to improve your score. Keeping them helps with your credit to debt ratio. Just don't load them up with charges. Check out the article, it's got useful info on how to improve your score. http://biz.yahoo.com/pfg/e35score/art021.html |
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Gary Oster
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Hi, Kristi.
Canceling cards doesn't increase your credit score.
1. Determine if you will use the cards in the future. If not, pay off the card, then cancel the account. If you're keeping the card for emergencies, pay it off and stop using it.
2. Credit score is greatly affected by the amount of credit you have available, compared to the amount you're using. A good rule of thumb is to use 20% or less of your total available credit (you don't have to use all your cards).
3. Save money with each paycheck to build up an emergency fund of at least 3 months income, but work toward 6 months.
4. Buy with your saved cash, and replenish your savings -- it's a no interest loan to yourself.
5. With what you're doing, use credit as a way of building credit, not as your primary means of purchase (remember the 20% rule).
6. Different types of credit look good on your credit report, so don't just rely on credit cards to build your score -- mix it up with a bank loan, for example.
~Os |
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California Parent
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Just call the number on the backs of the cards. You won't have a problem opening a new card when you need to provided you still have good credit at the time. Most cards you need to call them to cancel. A few you might be able to do online, but it will be faster to do it over th phone. |
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Bill C
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Call the number on the back and cancel the card. Most companies will let you reapply if you wish and Best Buy is easy as they take you info while in the store and approve you in less than 15 minutes, but only do that in case of an emergency. Also, you can cancel a card with a balance, but make sure you have payment arrangements in advance and remember, you cannot use that card anymore as it will be declined and it will state that the account is closed. You really should start cancelling cards when you have one of the other cards freed up just enough to handle emergencies so that you don't have to reapply for credit. The more available credit you have (good or otherwise) the bigger a risk you are that you are overextending yourself and that gives you a bad score (even if you are never late). Moderation is the best key and I think that by cancelling about half your cards, you are on the right track to improving your credit score.
Good Luck |
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PPSCSwimGirl
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Call the credit card company, and ask them if you can cancel your card! It might take awhile with all of those cards. That is the only way I know of! |
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Mrs HarleyBrat
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DO NOT CANCEL YOUR SCORE WILL DROP LIKE A ROCK - proven fact - please for your own sake - just pay them all off and don't use them anymore - now you won't have to worry about paying them since there paid in full and you arent' using them and your credit score won't drop like a rock
WHen you don't use them and pay them off - it shows finanacial responsibility (meaning you have all that credit availbale but don't use it is a good thing) cancelling equals you are afraid you can't handle the responsibility - just don't cancel them -I've seen this happen over nad over again |
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sjk2003
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You are already way ahead of the game by chosing to close down your credit cards, try to get them down to one. If you have cards that have no outstanding payments due on them, call them number on the back right away and cancel. (Yes you do have to talk to someone). Now they are going to do everything short of offering you their first born to keep you on as a customer and it will get you thinking, but just say NO. Sometimes you do need to say, "I appreciate your help, but let me save you the time by telling you that I am cancelling this card no matter what you offer me. Simply because I have too many cards."
I would transfer any and all outstanding payments to ONE credit card you can open and it has INTEREST FREE payments for 12 months. Trick is you CANNOT spend any money on this card or the interest kicks in. But if you can transfer that balance to that card, you are paying NOTHING but principal on the card each month and not just losing money on paying interest.
Best of luck and congrats on your money management! |
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nuna
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By getting a new 1 baby! |
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