How to terminate a credit card?

[lux.sh]

I have way too many credits and I want to close down few of them that I don't use(no balance).

Do I have to call the bank or can I just do it online? Is it relatively an easy process?

Dealing with chase credit card service is way too much of a hassle. :mad:

[ScBlacksunshine]

Originally Posted by lux.sh

I have way too many credits and I want to close down few of them that I don't use(no balance).

Do I have to call the bank or can I just do it online? Is it relatively an easy process?

Dealing with chase credit card service is way too much of a hassle. :mad:

Just give it to me and I'll "Close" them for you

[ksfrogman]

Closing all your open accounts may negatively affect your credit score. This is because FICO looks at how much available credit you have against how much debt you have. It looks at your credit history, so the longer you have had a credit car, the better.

Do some google searches online and read about FICO credit scoring.

[Asiann]

Originally Posted by lux.sh

I have way too many credits and I want to close down few of them that I don't use(no balance).

Do I have to call the bank or can I just do it online? Is it relatively an easy process?

Dealing with chase credit card service is way too much of a hassle. :mad:

If you are buying a house soon do not close any of them. It will hurt your credit score. But closing credit cards is easy and all you have to do is call the credit card company!

[CnoteMD]

Originally Posted by ksfrogman

Closing all your open accounts may negatively affect your credit score. This is because FICO looks at how much available credit you have against how much debt you have. It looks at your credit history, so the longer you have had a credit car, the better.

Do some google searches online and read about FICO credit scoring.

This is very true. I was about to close a couple of credit card accounts, before I found out about this fact. I would recommend keeping the accounts open (especially if they have been open for a while). Age of accounts also helps your credit score. Just make a single purchase on your rarely used cards every 6 months or so and they won't go inactive.

[Asiann]

Originally Posted by CnoteMD

This is very true. I was about to close a couple of credit card accounts, before I found out about this fact. I would recommend keeping the accounts open (especially if they have been open for a while). Age of accounts also helps your credit score. Just make a single purchase on your rarely used cards every 6 months or so and they won't go inactive.

Actuall best to buy something a pay it off every month. just get some gas or something. They look to see what the credit history is. Your credit reports all activity with highest spend, credit, balance and weather or not you have made all your payments on time. Anything over 30 days will affect your score for sure!

[lux.sh]

Thanks for help guys.

well I have 2 credit cards that I don't use(finally paid off).
I want to close them because its a hassle to worry about them, and monthly/annual charges might be charged on the account(or is there no charges if your balance is $0?).

I do have a plan to buy a new car in few months(will be a trade + finance, so credit score is important). You think this will hurt?
how about just closing one of the credit account?

[aapriadi]

i've an expired credit card but i just threw it away, is it necessary for me to call them? they charge me 1.80/month now that i dont even use it
should i call the credit card company and close it? or just leave it open?

[flush01]

call in and say you want to cancel... they will ask "what is the reason"... you say "i just want to do it" and thats it... takes 2 minutes to do

[BiggieJ]

Originally Posted by lux.sh

Thanks for help guys.

well I have 2 credit cards that I don't use(finally paid off).
I want to close them because its a hassle to worry about them, and monthly/annual charges might be charged on the account(or is there no charges if your balance is $0?).

I do have a plan to buy a new car in few months(will be a trade + finance, so credit score is important). You think this will hurt?
how about just closing one of the credit account?

dont close any accounts. itll just hurt your FICO score. just dont use them. actually i think most cards have like a min. annual purahcse of like 25 cents or something like that. id say just put the cards somewhere safe and leave them for a while.

[BiggieJ]

Originally Posted by aapriadi

i've an expired credit card but i just threw it away, is it necessary for me to call them? they charge me 1.80/month now that i dont even use it
should i call the credit card company and close it? or just leave it open?

i think you should of gotten a new replacement card. maybe you should call you CC comp. and figure out where that card is.

[aapriadi]

Originally Posted by BiggieJ

i think you should of gotten a new replacement card. maybe you should call you CC comp. and figure out where that card is.

the card is expired and i threw it away
so its better for me to renew it instead of closing the account?
thanks!

[BiggieJ]

Originally Posted by aapriadi

the card is expired and i threw it away
so its better for me to renew it instead of closing the account?
thanks!

towards the end of your expiration date usuallly you CC company sends you a replacement one automatically... but in any case it would be better not to close the account because its important to show that you have credit history. so youd never want to close your oldest account. id call your CC company just to be safe, esp. if theyre charging you for some reason.

[hotsand5]

I also would not close any accounts. Just cut up the cards and don't use them if you don't want to. The open accounts help add to your "available credit". The more that you have, the better chance of gettng a higher loan, as well as a history... track record. Also, once you pay off your cards, they usually increase your limit after a while, and this is also a good thing for your credit.

[Asiann]

Originally Posted by hotsand5

I also would not close any accounts. Just cut up the cards and don't use them if you don't want to. The open accounts help add to your "available credit". The more that you have, the better chance of gettng a higher loan, as well as a history... track record. Also, once you pay off your cards, they usually increase your limit after a while, and this is also a good thing for your credit.

Too much credit can be a negative point depending on how they interpret your report. You could have $20K limits on several cards with no balance and therefore have the ability and risk to run those cards up. I took advantage of 2 zero% cards last year and when we tried to buy a house my credit score was just over 700. The magic number is usually 720 and above. I was at 761. This can make a difference when you go to apply for a loan of any kind and what rates they give you. I'm going to close these soon since I won't need them anymore and I won't need to purchase anything big for the next 2 years anyway.

Good to have a few cards 2-3 and you can always call them and tell them to reduce your credit limit.

[Asiann]

Originally Posted by lux.sh

Thanks for help guys.

well I have 2 credit cards that I don't use(finally paid off).
I want to close them because its a hassle to worry about them, and monthly/annual charges might be charged on the account(or is there no charges if your balance is $0?).

I do have a plan to buy a new car in few months(will be a trade + finance, so credit score is important). You think this will hurt?
how about just closing one of the credit account?

I would not do anything at this point until you get the car loan. Then you can close them. Good to have atleast 1-2. Keep the cards if you had them a while. It will show credit length which is also just as important as the score. No charges if there is no balance unless there is an annual fee.

[BMW F22]

if you dont use them just cut them up. That way you'd still have good credit score and you dont have to deal with the cards anymore.

[findtom]

That whole FICO score thing is such a scam. What's the logic of closing off unnecessary credit card accounts diminishing your credit rating?

[Asiann]

Originally Posted by findtom

That whole FICO score thing is such a scam. What's the logic of closing off unnecessary credit card accounts diminishing your credit rating?

Its great for creditors but bad for us. I agree it makes no sense that closing accounts could hurt your score. I was told that losing credit line with credit cards would diminish or affect your debt to income ratio.

[tl_boy]

due to the safety factor, I purposely limited my credit cards. In fact, I only have a debit card, not even a credit card for personal, but my business i do have a credit card.

I have opened up GAP, American Eagle, etc. cards before to avail of discounts, then immediately pay off and close them.

Would it be prudent to sign up for a BUNCH of credit cards, like 5 or something, and just let them sit??

[BiggieJ]

Originally Posted by tl_boy

due to the safety factor, I purposely limited my credit cards. In fact, I only have a debit card, not even a credit card for personal, but my business i do have a credit card.

I have opened up GAP, American Eagle, etc. cards before to avail of discounts, then immediately pay off and close them.

Would it be prudent to sign up for a BUNCH of credit cards, like 5 or something, and just let them sit??

on your credit report it shows the number of accounts youve opened in the past and also how many you closed. i think if you open and close too many CC then it might hurt your score or at raise a flag later. i think any more than 4 or 5 CC then your pushing it. just stick with a couple and use them regularly to show some revolving credit. just get a CC with bonus miles or rewrads and just pay them off at the end of the month.

[Asiann]

Originally Posted by BiggieJ

on your credit report it shows the number of accounts youve opened in the past and also how many you closed. i think if you open and close too many CC then it might hurt your score or at raise a flag later. i think any more than 4 or 5 CC then your pushing it. just stick with a couple and use them regularly to show some revolving credit. just get a CC with bonus miles or rewrads and just pay them off at the end of the month.

Good point! Applying for a bunch of credit cards make it look like you are searching for money/credit. Just like Biggie said, get a rewards card and just pay off the balance every month! You would be surprised how much you spend and can earn. I haven't bought a plane ticket in 5 years. All paid for with airline rewards.