so that i cant use it but can continue to pay it off
2007-01-27 20:08:54 · 10 answers · asked by jj5jj4jj3jj2jj1 1 in Business & Finance ➔ Personal Finance
cutting it up does not solve the problem of online sites saving your card info i couldve just called customer service by now,man im dumb
2007-01-27 22:23:34 · update #1
First of all, read your contract. The devil is in the details. After you pay the balance on the credit card, tell the company, in writing, that you wish to have the account closed. Open accounts can affect your credit score, even if they have a zero balance.
If it is a self control issue, yes, cut it up and remove from all internet accounts. Some merchants will keep the card information to allow access with a password to make online shopping easier. Remove these too if they are a tempatation.
A final note - well managed credit will come in handy when seeking other loans. Some loan officers have suggested that a person who does not use their credit can negatively impact their score also because lending institutions want to see your ability to manage your finances. And, as always, check your credit score periodically.
2007-01-27 20:29:33 · answer #1 · answered by paradyne77 2 · 1⤊ 0⤋
If you are going to pay it off on time you are always going to be able to re-open the account. Just cut it into about 20 or 30 pieces. Same thing.
2007-01-27 20:19:10 · answer #2 · answered by ? 4 · 1⤊ 0⤋
I have done this, but you need to read your contract first. I have never had a card tell me to pay the entire balance one the account is closed, but it could happen.
Don't trust what they tell you on the phone. Get a copy of your contract.
2007-01-27 20:13:11 · answer #3 · answered by Mother of flute player 2 · 0⤊ 0⤋
No i beleive they hold the account open and in good standing as long as you continue to pay - best thing to do is destroy the card if its a self control issue
2007-01-27 20:14:49 · answer #4 · answered by Sneakers 1 · 0⤊ 1⤋
oh come on where is your intelligence?
just kidding. actually i am also not sure. you can check with the financial institution to clear your doubts.
now you know how frustrating it is to ask question and people just give you annoying answers. i had this all the time.
2007-01-27 20:22:52 · answer #5 · answered by A Wholesome Heart Loves C F 1 · 1⤊ 0⤋
No, you cannot cancel it until it is paid in full. You CAN cut the card up, or lock it away so that you don't use it, until it is paid off.
2007-01-27 20:12:02 · answer #6 · answered by Dan821 4 · 1⤊ 2⤋
Yes you can cancel it, but you still owe the balance and any accruing interest.
2007-01-27 20:11:20 · answer #7 · answered by All hat 7 · 1⤊ 1⤋
Only after you pay it off. Then do whatever you want.
2007-01-27 20:13:49 · answer #8 · answered by dynamicDee 3 · 0⤊ 1⤋
just cut it up
2007-01-27 20:11:40 · answer #9 · answered by Dude 4 · 2⤊ 1⤋
NO you can put a stop on use
2007-01-27 20:16:47 · answer #10 · answered by wrhgwd 1 · 0⤊ 1⤋