Dr. X
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You don't have to cancel it just wait till it expires then it will cancel automatically |
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C'est la Vie
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If you cancel/close the account it can negatively impact your credit rating you should just make at least one purchase every 6months or a year and just pay if full before the next bill that way your credit remains positive but you don't incur finance charges. |
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lilbitt5.0
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You need to contact them in writing requesting the closure of that account. You do not owe them an explanation they will try to get you to keep the card by offering you a lower interest rate for a short period of time. Refuse the offer and stick to your decision. Plastic is costly and have gotten a lot of people in trouble with creditors. You are doing the right thing for your self. GOOD GOING |
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kittumkatzum
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If you want to close out the account you have to call the company and request it closed down.
Not using the card or cutting it up do NOT close your account. They just make you not have a card. |
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personalfinancedaily
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I agree that totally closing out the account will temporarily decrease your credit score. Part of your FICO score is calculated by how many credit accounts you have open in good standing, and also the LENGTH of each account. If this credit card you have was your very first one, I would simply keep the card locked away in a safe place. Your account will be dormant but not completely closed.
If your heart is set on closing out the account, write a short letter to them or when speaking on the phone be sure to ask they put "closed at customer's request" in the comment block when your CC company next reports to the credit bureaus. This looks more favorable to potential lenders than a blank comment box. |
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Dr. Obvious
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You definitely want to call and close the account. Follow up with a written confirmation unless they offer to (and do) send you written confirmation of the call. You don't want open credit card accounts floating around out there! Plus, when you cancel it yourself it looks better on your credit history than if the creditor is the one who cancels it. When you cancel, ask them to put in your record that you were the one to cancel the card. |
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Ask M
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Hang on to it in case of emergency, is it a good rate? Can
you transfer something of a higher rate onto it and pay it
off quicker? Otherwise CALL and decline, just don't assume
it won't eventually activate (by someone on the inside) |
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Sreeni
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I've had cards like that before and I didn't cancel them. I've heard that if you cancel/close the account it can negatively impact your credit rating that you had built for so many years.
Instead, I call up the card company and requested to lower the credit limit to about 2K or less. This way, you would keep your excellent credit history and at the same time reduce the liabilities.
They would be really surprised if someone calls them to lower the credit limits as they are usually used to people requesting for increasing their credit limit. |
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daisymae
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I would call again to be sure that the card is really canceled and not deactivated. I also cover it by writing to them personally. Usually the call does the trick though. I would cut up or shred the card that they sent after wards.
P.S. I closed my all but 3 of my accounts. I still have an impressive FICO with no problems getting credit. The choice is up to you which way you will go. |
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