5 Credit Cards You Should Never Close

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Replied by KMoney on topic Re: 5 Credit Cards You Should Never Close

Kiejon9 you are a ball of knowledge thanks for all of this information
11 years 1 month ago #1

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Replied by KIEJON9 on topic Re: 5 Credit Cards You Should Never Close

Thanks! This is very helpful! :cool:


YOU WELCOME
11 years 1 month ago #2

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Replied by RivasGlo on topic Re: 5 Credit Cards You Should Never Close

Thanks! This is very helpful! :cool:
11 years 1 month ago #3

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Replied by Eldarwen on topic Re: 5 Credit Cards You Should Never Close

Good info!
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Replied by yoyo11 on topic Re: 5 Credit Cards You Should Never Close

that's what i'm taking abouth HJM331, Kiejon keep it a comin'!!
11 years 1 month ago #5

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Replied by hjm331 on topic Re: 5 Credit Cards You Should Never Close

Good info Kiejon!
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Replied by hjm331 on topic Re: Should You Close a Paid Credit Card

I don't think any credit card should be closed unless the creditor wasn't able to help you when fraudulent charges posted your account. If your interest rate has increased, you should pay off the debt or BT it to another card and sockdrawer that card instead of closing. Cards like First Premier should be closed because they charge monthly and annual fees.
11 years 1 month ago #7

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Replied by KIEJON9 on topic Should You Close a Paid Credit Card

Should You Close a Paid Credit Card


Paying off a credit card is a great accomplishment, especially if you worked long and hard to do it. What now? Do you leave the card open or should you close it?
There are some advantages to closing a credit card you don't plan to use any more - like having one less credit card to manage. However, if you're thinking you'll get points added to your credit score for closing a card, you won't. On the flip side, closing a credit card - even a paid one - can hurt your credit score.

You should leave the credit card open if]
[*]It's the only credit card with available credit
[*]It's your only credit card, period
[*]It's your oldest credit card
[*]The terms are better than those of your other cards
[*]Closing the card will raise your credit utilization to more than 30%
[/LIST]
11 years 1 month ago #8

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Replied by KIEJON9 on topic The Right Way To Close a Credit Card

When you have too many credit cards , closing some of them is a good way to simplify your financial life. Before you make that phone call, first make sure closing these credit cards won't hurt your credit scoreOnce you're sure closing the credit card is the right move to make, follow these steps to make sure the card is closed in your favor.
Contact Customer Service

Call the customer service number on the back of your credit card. Let the customer service representative know you'd like to close your credit card account. Don't be surprised if the representative tries to talk you into keeping your account open. If you're sure you want to close the account, don't allow yourself to be convinced otherwise. Note the date and time you made this request.
Follow-Up With a Letter

Follow up in writing to have a record that you requested your credit card to be closed. In the letter include your name, address, and credit credit card number (or at least the last four digits of the card number). State that you made a request by phone to have your account closed on such-and-such date and you want your credit record to reflect the account was closed at your request.
Update Your Records

Keep a copy of the letter for yourself. Send it certified mail so you have proof the letter was mail and received should that fact ever come into question
11 years 1 month ago #9

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was created by KIEJON9

Here are five credit cards that you should never close.
  1. Any credit card that still has a balance.
    When you close a credit card that has a balance, your total available credit is lowered to $0. Since you still have a balance on that credit card with no credit limit , it looks like you’ve maxed out. The amount of debt you have is 30% of your credit score ; so a maxed out credit card, or one that appears to be maxed out, can have a very negative impact on your credit score.
  2. Your only credit card with available credit.
    Closing out this card will decrease total available credit and increase your credit utilization , which, as before, is not a desired situation.
  3. Your only credit card.
    Since part of your credit score into consideration the different types of credit you have, keeping a credit card in the mix will add points to your credit score. You could get turned down for a credit card in the future because the creditor thinks you don’t have enough experience with credit cards.
  4. Your oldest credit card account.
    Closing out your old credit cards shortens your credit history. Lenders tend to view borrowers with short credit histories as riskier than borrowers with longer histories.
  5. The credit card with the best terms.
    Why let a good thing go? If you have a credit card that has a low interest rate, no annual fee, and other perks like travel insurance , keep it. A credit card that charges you less for making purchases is far better than one that charges you more.
It’s ok to close out a newer credit card that you no longer use as long as the card does not have a balance and you have other credit cards.
In identity theft and fraud situations, your creditors will advise you to close the credit card to keep the thief from damaging your credit even further.
The right way to close a credit card is by sending a written notice to the card issuer. For your records, you should request written confirmation that the account was closed in good standing.
You should be just as selective about the credit cards you close as the ones you open. Before you pick up the phone to alert your creditor that you want to close your account, make sure it’s not going to affect your credit score in a negative way.
11 years 1 month ago #10

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