How to Cancel Credit Cards
There is much more involved in canceling a credit than just cutting it up with scissors. Careful decision making and planning must be made so that cancelling a credit card does not deeply affect a person's credit score. Once the credit card to be cancelled is chosen, the customer needs time and patience to get through the card cancelling process.
- Gather the contact information of the company for the credit card you are going to cancel. This will be the customer service number located on the back of the credit card, the billing statement or the credit card company's website.
- Call the issuer but do not let them know that you are going to be closing the card. If you tell them you plan to close the card, they may increase your interest rate, which will increase your balance, ensuring that the card remains open. Do not use this credit card either. When you call the issuer to pay off your balance ask them what your current balance is and what your balance will be fifteen days from now. Pay your balance in full.
- Wait fifteen days. Call and make sure that your balance is at zero.
- Tell the issuer that you would like to cancel your credit card. Ask that the issuer report to the credit bureaus that the card was "closed at the customer's request.” Take notes from the conversation that took place during this phone call including any requests or offers made by the issuer and who you spoke to.
- Write a letter requesting cancellation of the credit card. This written confirmation can be sent to the card issuer and you can include details of the conversation held when you call to cancel the card.
- Wait for a confirmation letter that you card has been cancelled. Once you have received confirmation check to see that your credit score reflects the cancellation.