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Discussion in 'Credit Talk' started by Steve M, Apr 5, 2000.
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That's not correct. If you choose to cancel a credit card account you are not required to provide a reason to the creditor. They will ask you for a reason though, mainly for statistical purposes as they do track reasons for account closure. If you call the customer service number and tell the rep you want to close your account, you will likely be shuffled over to an 'account specialist' who will try to sell you on keeping your account. A good reason to provide them is something like "I feel I have too many credit cards and I'm trying to simplify my finances." No one can argue with how you feel.
As for credit reporting, the notation that should appear in your credit file is "Account Closed by Consumer" or something like that.
Personally I would suggest cancelling the card by cutting it in half and mailing it back to them along with a letter requesting closure of the account. In your letter, ask for a confirmation letter of the account closure. If you are leery of the bank's practices, send it certified mail, return receipt and write on the receipt (on the bottom of the side where you put your name and address) that you affix to the back of the envelope: "Account Closure Request - Card(s) Enclosed". Make a photocopy of this clearly showing the tabs with the stickon strips still affixed to the return receipt so there is no question that you didn't write that on there after you got the postcard back.
Be careful if you still have a balance on the account. Your credit card agreement may allow them to raise the interest rate or otherwise change the term. Having closed the account, you have no leverage with them to get them to change those terms.
I have had no problems in closing a credit card account..they asked me for a reason and I either told them that after I have it closed and cut the card up it was out-of-site out of mind or that it was a personal issue. And they never questioned me further. I can't speak for everyone but when I cancelled my interest rates stayed the same and the minimum payments stayed the same also. I hope it works out for you though Steve.