Comments on: How To Cancel a Credit Card Without Hurting Your Credit Score

By: Sophie

Sophie — Tue, 08 Nov 2011 18:09:45 +0000

Many people see little point in paying credit card fees, especially if you won’t be using the card. However, in some instances the fee exists to cover other cardholder benefits which you might not want to give up by cancelling the card. You just have to weigh up the pros and cons to decide whether to keep the card and pay the fee.

By: Maria Wantell

Maria Wantell — Tue, 08 Nov 2011 06:35:33 +0000

What if there is a yearly fee? I am getting ready to pay off a credit card that has a $59 a year fee, even if there is a zero balance. Should I go ahead and cancel after I pay the balance in full to avoid paying the fee, or is it worth paying the fee to not hurt my credit score? Thanks so much!

By: Sophie

Sophie — Wed, 20 Jul 2011 13:44:31 +0000

Thanks Ross, you’re absolutely right – every individual needs to find the right choice for their own situation and future plans.

By: ross

ross — Tue, 19 Jul 2011 18:52:12 +0000

you have to leave this up to your own judgement, there is really no right answer. If its a card with a good long positive history, closing it may have a negative effect. But, depending on if you are planning on applying for a mortgage, car loan, etc. It might be worth it to wait. It affects your credit to debt ratio, so if you don’t have alot of outstanding debt, then it might not cause too much of an effect.

By: Anonymous

Anonymous — Sun, 26 Jun 2011 14:14:42 +0000

Thanks for outlining steps to cancel, however there’s no mention as to how to do this without hurting your credit score! Too bad the title of the article lead me on.

The closest thing that was said is the below:

“Keep in mind your utilization ratio, i.e. how much credit you’ve used versus how much you have available, as well as how long you’ve had the card you intend to close out. Both factors are considered in your credit score, and closing a card prematurely can have a negative affect on your score.”

…but how do I make sure that there’s not a negative effect on my score? Great to know that factors are considered, but this tells me nothing…but this is where the meat of the article should have been.

By: Why You Should Think Twice Before You Cancel a Credit Card | Master Your Card

Tue, 28 Jul 2009 21:43:44 +0000

[...] Canceling a credit card may seem like the best option, especially if you don’t use it very often- but doing so can lower your credit score. Here are six reasons why you might want to think twice before getting rid of that redundant credit card. [...]

By: Jenny

Jenny — Tue, 07 Apr 2009 23:25:00 +0000

There is a new service now that is free to the public to report the theft or loss of your credit card in an easy way. You can even use your mobile phone or iphone for it. The site is http://cancel.tel and can be used from any country in the world to report card loss or theft to your card company 24 hours per day. The numbers are toll free and the site is especially designed to work with cellphones very fast and easy. You don’t have to remember a phone number, only the word cancel is enough now. That might come in handy to many people who find themselves in the situation where they lost their card.

Jenny

By: kosmo @ The Casual Observer

kosmo @ The Casual Observer — Mon, 06 Apr 2009 19:10:54 +0000

Companies would definitely do a much better job tracking what has been said. I swear that some companies don’t even have a process for this. Scary,

By: Amy

Amy — Mon, 06 Apr 2009 18:01:48 +0000

What about the access to the account online? I cancelled two cards and they sent me the written letter that the card account had been closed, but I was still able to access the accounts online. I feel that they should have stopped the accounts from being accessible online immediately. There is still personal information within reach of an identity thief, right?

By: Grant Baldwin

Grant Baldwin — Mon, 06 Apr 2009 16:54:45 +0000

I totally subscribe to #6 – I’m always amazed that companies don’t have a better system of tracking what they told (or ‘promised’) customers over the phone.

Recently, we moved and had our cable service transferred to our new house. Prior to agreeing to move the service, I negotiated for several new little perks and discounts. Then, when the tech came to install it, he didn’t have any of that info. He called his corporate contact who didn’t have any of that in the records either. Thankfully, I pulled out my notes, showed the tech, and his boss made all the changes.

Funny how they just randomly forget some of this stuff!