How to Cancel Your Credit Card

When you make a decision to cancel your credit card you must follow certain procedures in order to handle it promptly and correctly. One mistake is to assume that a creditor will do everything for you. Do not depend on your creditors as this is a big mistake that could lead you into problems. The creditors business is to have as many open accounts as possible so making sure that your account remains open is exactly what they want to do.

You cannot close your account as long as you have any balance on the credit card. You should make sure that you have paid the account in full with a receipt. Most creditors do not want you to pay your account in full and try to add on other fees to prevent you from paying off your account. Make sure that there are no other fees attached and close your account immediately. When you have paid the full amount of the card make sure that you call the lender. You want the lender to hear you tell them that you are closing this account. Be aware the lenders will try to offer you some deals in order to keep you as a customer. They will also offer to let you keep your account but with a zero balance. This is not the way to close the account be persistent make them know that you do not want any deals or an open account. The bottom line is that you want them to close your account.

You do not want to find that you are still being charged an annual fee or that your account is still open with credit reports being made. You need to make sure that you follow up on your phone call. You should write a letter confirming that your account must be closed by your request. Keep a copy of your letter in your files for farther references. When you do send your letter makes sure that you send it out in certified mail so that you have a receipt as proof that you did indeed close your account. In your letter make sure that you include all information about yourself in order to keep the lenders records straight. You should of course include your name, address, and your credit card account number. Make sure that you state in perfectly good words that “you are closing your credit card account.” When you have done all these things wait for sixty days and pull your credit report and make sure that it reads “account closed upon customer’s request.” This will be your final step and proof that the account is indeed closed.

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