2007-04-11 05:28:00 · 11 answers · asked by Jazelle W 1 in Business & Finance ➔ Credit
You can close the card for new charges Then you can pay it off on schedule. Then when the balance is 0 you cancel it totally.
2007-04-11 05:32:46 · answer #1 · answered by al 6 · 0⤊ 0⤋
You do not have to pay the full balance b 4 u cancel a credit card. What will happen is this, your acct. will be in a closed status while you're making payments. You will not be able to make any further puchases with this card.
2007-04-11 08:38:48 · answer #2 · answered by Missy 1 · 0⤊ 0⤋
It depends on the cc. Find the terms from your card or call customer service and ask.
Usually you don't have to pay the balance, but from a credit report standpoint, it doesn't look good to have a closed card w/ an outstanding balance.
2007-04-11 06:57:13 · answer #3 · answered by YSIC 7 · 0⤊ 0⤋
No. Cancellation can be requested at anytime. However, you will be sent your next bill asking you to pay the full balance by the due date.
2007-04-11 05:53:31 · answer #4 · answered by Ferd 2 · 0⤊ 0⤋
no, i see other people say yes but i cancelled a card a couple months back and im still paying on the balance.
2007-04-11 05:37:21 · answer #5 · answered by lori n 2 · 0⤊ 1⤋
No, but it's not a bad idea.
Why close the account? Closing accounts usually hurts your credit score, not help it. Pay it off and keep it open. Your FICO score looks at longevity of accounts and how much credit is available to you as part of their criteria.
2007-04-11 05:36:42 · answer #6 · answered by boredperv 6 · 0⤊ 0⤋
no but it is better to pay the full balance and then cancel. you can do as you wish
2007-04-11 05:31:55 · answer #7 · answered by exjmission 2 · 0⤊ 0⤋
no
but don't close them just stop using them. If what you ow is more than your credit line it negatively affects you rcredit rating. I learned the hard way.
2007-04-11 08:27:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes you do.
But you don't have to pay it off to get it locked so you can't charge anymore.
2007-04-11 05:37:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes, you do. Or... you should. Because then you'd be tempted to keep spending as you pay on it.
2007-04-11 05:30:44 · answer #10 · answered by Sheri 2 · 0⤊ 3⤋