Joanie Pony
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You can cancel the card in there,but you can't cancel the debt. |
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Amanda
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Pay it off and then cancel it. |
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tudorjason (matt)
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You do need to pay off the card before you close it. You still owe money to someone and if you ignore it or try to run from it, it will ruin your credit.
But closing a credit card account will also hurt you. It'll look like you have a shorter credit history and a higher debt to total available credit ratio. And the people with the best credit use as little of their available credit as possible and have longer credit histories.
Even if you don't use it, it's there to show you have a credit history. If you don't want to use it, just cut the card up or keep it in a safe place and monitor your statements to ensure there aren't any unauthorized charges on it. It would also be good for emergencies too. |
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LittlePrincess
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Supposedly, closing out a credit card period doesn't look good on your credit. But to answer your question, yes you can close the account if you want and continue to pay off the balance. If I were you.....I would just shred the card and continue to pay it off. In your mind, you no longer have the card AND you didn't have to close the account (which may adversely affect your credit). |
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arklatexrat
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Pay it off first. Cut it up or freeze it in an ice cube tray if you need help resisting the temptation to keep using it.
If you have other notes such as mortgage or car loan, cancelling the card won't hurt your credit, but if you think you need this card to help your credit score, just keep the account open but don't use it.
Or, use it every now and then just for convenience, but pay it off as soon as you get the bill so that you won't have to pay interest. |
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Shelley
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When this happened to me I had a large balance left on my credit card and I wanted to cancel it and pay it off so that it wouldn't keep adding interest. But it doesn't work that way because credit card companies want their money that they get from interest. So you have to pay it off first. What I did was put my credit card balance and my car loan balance together (consolidated them into one loan) so that I would have one big payment. This way I wasn't paying interest on these two different things. It's cheaper to put them together. I went to my local bank to do this. They just have you bring your most recent credit card statement and car loan papers, and have you fill out a credit application. Then they sent my credit card company and car loan company a check to pay them off.
This may not be the best thing to do, because now it's gonna take longer for me to pay off my car, but at least I don't have to pay all that extra interest. Hope this helps! |
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Love my freckles
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You can cancel it now but will no longer be able to use it. Some companies require that you pay it off before it can be considered closed. Closing the account can impact your credit standing to varying degrees.
Consider how many cards/accounts you have--you don't want to give up any credit if you have limited or newly established credit. In that case, it's better to keep it open but pay it low and don't max it out. Keep a low balance--buy your summer clothes on it and pay it off over the summer--that builds your credit by demonstrating positive payment performance.
If you have several, established accounts, you would be wise to rid yourself of useless/underused credit, especially if the card has a high interest rate and/or an annual fee or monthly 'participation' fee.
Taking good care of your credit is hard work. You have to be disciplined and keep your eye on your future. Most things in life now are credit based. Not taking care can cost you higher rates, larger deposits, special discounts and offers.
Check your credit every four months at www.annualcreditreport.com
You are legally entitled to get a FREE copy of your credit report from each of the three major bureaus every year. Simply pull one every three months to watch your credit develop over time! |
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Banana Pudding
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I don't think you can cancel it with a balance owed. |
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misskate12001
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Can't cancel. Just cut up the card, pay off the balance and then cancel. |
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Linda M
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if it is on time and you cancel it will be ok. talk to the credit card company or bank you have it through. |
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Ihatemakingupnicknames
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All banks will require you to pay the balance in full before cancelling.. sorry |
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stellar
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I think you might need to pay it off first then cancel it. Or you can just cancel and keep paying your balance but I don't know how that would work.
Call the bank... i'm sure they'd be more than happy to help. |
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rttmn218
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you have to pay it off before you can cancel it. |
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Lady
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You cannot cancel unless you paid for the whole balance. I tried to cancel it with a balance and it didn't work. |
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