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The Rainmaker | Should I cancel my credit card? |
I currently have 4 credit cards. I tried to cancel one not too long ago. It's the card that I've had the longest - but use the least. Anyway, a charge automatically got sent to the card after I asked for it the be canceled - so now it will remain open, unless I cancel it again. I'm also trying to dispute the automatic charge to the credit card. What a freakin' mess. Any advice? |
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MoneyMaker
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I would suggest keeping the account open. Part of your credit score is based on your amount of debt to available credit. If you close the account and you have a balance on one or more of your other cards, your debt to available credit ratio will increase and this will negatively affect your credit score.
Another factor in determining your credit score is the length of time that you have had credit accounts. Since you said the card you are thinking of cancelling is the one that you've had the longest, for credit scoring purposes closing this account would shorten the period of time that you "appear" to have had credit accounts. This will also have a negative impact on your credit score. Combine this effect with the impact of increasing your debt to available credit ratio, and you can end up with a significant "hit" to your credit score.
As for the automatic charge to your account, if you did not notify the company that placed the automatic charge of your desire to cancel the service, shipment, or what ever the charge is for, then you don't have much basis for dispute. If, however, you did notify the company to stop the automatic charge, hopefully you did it in writing. If so, provide proof of your notice (copy of the letter or email) to the credit card company and the charge should be promptly removed. |
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jforrest46221
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I would keep it open to show you use your credit responsibly. The only reason I would cancel it is if it has an annual fee for its use. |
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Expert Realtor
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That actually happened to me once.
What happened is I had a magazine subscription that I had forgotten about, and I had signed up for automatic renewal. So when the one year renewal came back around, I had already "pre-authorized" the charge...so that was why 3 months after I cancelled the card, I got a bill.
I'm not sure how the charge appeared, but if you authorized something similiar in advance, that is why the charge appeared after you cancelled the card.
Pay the charge....it will damage your credit more trying to dispute it and drag it out, unless it is for a substantial amount. Some things are more trouble than they are worth.
PS: You need to keep at least 4 lines of credit open...most lenders require 4 trade lines to approve a loan. |
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bouadoucarmen
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First of all you do not cancel a credit card.Why would you? If the balance is paid off just keep it.Not using it and have it in good standing will make your score jump really fast.On the other hand they might try to coctact you to see if you still aware of that account.Charge some gas on it once in a while and pay the full balance
About the fee, you probably do not remember but have read the agreement they sent you along with the card.It usually in the fine prints.They surely mentioned a cancellation fee. |
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exp i
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Cancelling the card you've had for a long time will adversely affect your credit score, let it remain open |
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mister ed
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i vote for answerstart 18 she is right on track. |
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William
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Well before you cancel a card you should think about and cancel any automatic charges. If you had pending charges, they gnerally send you a bill and it needs to be paid. It should show the card as open but with no available credit. If you get the charge reveresed after cancelling the card they will send you a check. |
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rpgdolfan
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Canceling your credit card will adversely effect your credit score, whereas leaving it open even if you don't use will improve your credit score. Why cancel it then? Just put it in a draw and leave it there! :-)
rpgdolfan |
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anewstart18
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My advice to you would be to cancel all but one of your credit cards, you may have two if you absolutely insist. The fewer credit cards you have, the less trouble you can get into. Now, isn't it illegal for a credit card company to refuse to cancel your account when you request it? If the charge is valid, i would suggest paying it and canceling the card, just so you don't have to deal with the credit card company any longer. If the charge isn't valid, i would continue to dispute it. Other than that, it sounds like you know what you are doing!
Good Luck |
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