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Old 08-23-2007, 10:50 PM   #1
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Canceling a credit card

Hi,

I want to cancel one of my credit cards but I've read about the laborious process it takes to cancel a card and thus I am reluctant to go through the process.

My mother then informed me that if I just did not use that particular card then it would be canceled by the card company after a year or so. Is this true? I'd like to take the easy way out if it is possible.

Jamie

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Old 08-23-2007, 10:58 PM   #2
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I've never had a hard time canceling acredit dard and I've canceled a few.

Call customer service and tell them you want to cancel. They will ask you why. Just tell them you don't need it. They may ask if they can have someone else talk to you. That person will offer a better rate or some incentive to keep the card. You can just tell them you want to cancel and would they please just do that.

Keeping an unused credit card can work against you. If you need to a loan for a new car or a home, etc. the bank or finance company looks at all your credit cards and counts all the credit card limits in figuring if you can handle a loan. You are better off canceling.
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Old 08-23-2007, 11:00 PM   #3
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Thanks Andy, I'll try calling. I'd read online that to cancel meant to call the company, then write the company, then check again in a month... It seemed like a lot of work to me.
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Old 08-23-2007, 11:01 PM   #4
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Can't tell you, Jamie. We don't have any credit cards and haven't had any in tons of years.

However, one thing I do know is that if you don't use your card, you will be inundated by the credit card company if you don't use the card. They will offer you all sorts of incentives to "activate" the card. Don't fall for them. Just cut up the card and count yourself lucky you don't get yourself into "plastic" debt.
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Old 08-23-2007, 11:49 PM   #5
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I have worked alot with credit issues and it is not bad to have open cards when applying for credit. Quite the contrary it helps increase your FICO score if you have AGED credit with low utilization (under 30%). If you dont want to use the card just stick it in your sock drawer and dont use it. The creditor will not cancel it unless you want it cancelled.

Aged accounts, whether actively used or not.... show long standing positive history and boost FICO's.
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Old 08-24-2007, 05:45 AM   #6
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if it`s paid off, then get a pair of scissors cut it in half and post it back to them.

they`ll get the message :D
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Old 08-24-2007, 07:19 AM   #7
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As Andy said, a simple phone call should do it. Or cut it up as YT suggested, and request confirmation from the lending institution that has been closed.
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Old 08-24-2007, 07:46 AM   #8
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Canceling is easy. I't stopping the piles of propaganda they send in the mail everytime you turn around.
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Old 08-24-2007, 07:50 AM   #9
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It should be pretty easy to just call and cancel.
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Old 08-24-2007, 08:50 AM   #10
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Quote:
Originally Posted by DaniaBchGirl View Post
Quite the contrary it helps increase your FICO score if you have AGED credit with low utilization (under 30%).
This is not really true. I used to work at a bank and one of the things I dealt with a lot was credit cards and loan approvals. Low utilization will hurt your score. Carrying a balance, while making minimum payments is what helps.

I worked for a VERY large bank and I was one of two people who had the job of calling "good" credit card holders who had written in to cancel their cards. By "good" customers I mean customers who carried a balance and payed the minimum payment. That is how the bank makes money. We could care less about the customer who charges $10,000, but then pays it off right away.

I would offer lower rates or other things to keep our "good" customers, but I HAD to cancel it if they really wanted to cancel it. Just call the card company and say you don't want any special offers, just cancel the card. If you tell them you are in the process of getting a mortgage and the loan officer said you have to cancel the card before you are approved then that will do the trick right away too.
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