2007-09-17 07:18:53 · 9 answers · asked by Missy 1 in Business & Finance ➔ Credit
Closing credit cards will ding your credit but your score will rebound quickly. If these are credit cards that you've had for a long time, you may want to keep them open as closing them will close that history.
My personal advise is to keep the 2 oldest major credit cards that do not have annual fees. Only keep store or gas charge cards if you have a specific use for them. Close the rest. Keeping a pile of credit cards is an opportunity for all sorts of problems. You have to monitor and secure all of them.
Send a letter to the correspondence address, listed on the credit card statements, request the accounts be closed and ask for written confirmation that the account is closed. Never do this by phone. You want to keep a written record so it doesn't come back and bite you.
2007-09-17 07:28:24 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
It depends on how many you have and how much "available" credit you have. Any time you cancel a card, your debt ratio goes up (because you no longer have that available credit). If you do cancel them, make sure they close it as "closed at customer's request". This lets those who run a credit check know that you wanted it closed and that it wasn't closed by the issuing company for other reasons.
2007-09-17 07:32:06 · answer #2 · answered by terlynn_1370 5 · 0⤊ 0⤋
Call and cancel them.. some have a yearly cost..... Cancel and then tear them up... Good luck Grant M in Pennsylvania
2007-09-20 11:17:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If activated, cancel them. If not activated just tear them up.
2007-09-17 07:30:26 · answer #4 · answered by Jovesash 4 · 0⤊ 0⤋
Cancel them, you lose points on your credit score if you have credit that you aren't using.
2007-09-17 08:05:54 · answer #5 · answered by PJ's Mom 4 · 0⤊ 0⤋
Don't cancel it, since it will go towards your credit rating and make you look like you don't trust yourself.
Keep em, you never know when they will come in handy. I'd store them in a safe place at home.
2007-09-17 07:27:28 · answer #6 · answered by Anonymous · 1⤊ 0⤋
call to cancel them and then cut them up. that way if someone gets the numbers, the account won't be open and susceptible to identity theft.
2007-09-17 07:28:43 · answer #7 · answered by scoop 5 · 0⤊ 0⤋
Tear them up.
2007-09-17 07:26:11 · answer #8 · answered by supergirl 5 · 0⤊ 0⤋
Freeze them in a bag of water and keep them in your freezer in the back just in case you ever might need them.
2007-09-17 07:27:29 · answer #9 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 0⤋