Whatever your reasons for closing a credit card
account, there are a few things to remember as you begin the
First, consider the effect that closing an account could have on your credit score. The credit history of a closed account will be removed from your credit report in 10 years, so it won’t have a great impact unless it’s your oldest account and all of your other credit is fairly new.
When you’ve made up your mind to jump ship, notify your issuer by phone. Keep a record of all communication. Your creditor will likely want to keep your business and bring a counteroffer to the table. If you don’t like it, press on.
Your next step is to put your intentions in writing. Afterward, wait 30 days for your request to be processed.
After waiting patiently, check your credit report. It should be noted that your account was closed “by cardholder request” rather than “by creditor request.” Who closed the account does not affect the impact to the credit score, however, future creditors when looking at the credit report might not like seeing accounts closed by the credit grantor.
Here are the steps to closing your credit card account:
|1.||Name and address.|
|3.||Request to close account.|
|4.||Request that the creditor inform the credit bureaus that the account was “closed at request of cardholder,” not at the request of the card company.|
|5.||Request that you received mailed confirmation of the closure.|