is there any way of cancelling your credit card accounts?

Question

do I just call up the creditor and request for my account to be cancelled?

Answer 1

Yes, that's exactly how you do it once they're paid off. Be careful about this though as a good portion of your credit score is based on the length of your credit history and if you start closing accounts its almost like they never existed. You have to evaulate for yourself....eventually your score will recover and for lots of people its not such a bad idea to eliminate the temptation and ability to take on credit altogether. Good luck!

Answer 2

First the card can not have a balance. They will not totally close out an account until there is a $0 balance. If you have a $0 balance you can call up the customer service number and let them know you want to cancel. Now, once you cancel the account will be closed and you can't charge on it. However, all payment history will remain on your credit report. If you had negative information it will remain for 7 years, if it was positive it will remain on there for about 10 years. One other thing is that once you close it be sure to get a copy of your credit report and make sure it states that the account was closed "at request of consumer" and not "closed at request of credit grantor". This will show that you closed the account on your own.

Answer 3

Jennifer:

If you pay your account off you can request the creditor to cancel your account. As a precautionary measure, after a couple of months, get your credit report from the three Credit Bureaus to make sure that the credit card you cancelled is no longer being reported as active on your records (read the information in the link below for more info). Otherwise, the line of credit will still be considered active and will negatively affect your credit score. You want it removed from your credit report so that your credit score receives the benefit.

Answer 4

Yes, all you need to do is call the lender and state "I wish my credit card be canceled at the request of the owner", this is important for your credit report to show that you requested the account close rather than the credit card company. You should of course have a zero balance upon making the rquest.

Answer 5

Yes, however, if you don't have an annual fee simply shred the card. An unused high limit with a 0 balance looks very good on your credit report.

If you want to cancel the card, simply call the number on the back of the card and tell them you want to cancel it.

Answer 6

Yup. I wouldn't do that though. Your credit score is calculated with a variable of "available credit". If you cancel everything, you may find it harder to get loans later in life.

If you have a problem with them, just cut them up and don't request a replacement card.


If you are paying an annual fee and wanting a "no annual fee" card. Then go ahead and cancel. But dont' cancel cards just to cancel.

Answer 7

Yes. And if you are going to start using cash for purchases, do it! We have and it is great not to stress about credit card debt.

You can cancel the cards before they are paid off. You still owe the balance you just can't use it again.

Join the "weird" and get debt free: www.daveramsey.com!!!

Answer 8

canceling is never a good idea, unless you are so weak willed that you cant resist maxing them out.

much better to use them a little each month - buy your petrol with them - then pay them off without fail. by only putting a little on you are not spending too much, but by paying them off you are creating a good credit history.

Answer 9

Yes you can just call, have them send you a letter stating they closed the account to keep for your records.

My friend thought she closed hers until 4 years later a paper statement was sent to her.

Answer 10

Yes, call your credit card company and tell them you want to "cancel"... they'll do it for you.