Separate names with a comma.
Discussion in 'Credit Talk' started by Missy, Apr 15, 2000.
Barclaycard Ring™ Mastercard®
No annual fee, No balance transfer fees, No foreign transaction fees, Low interest!
CREDIT CARD WITH NO ANNUAL FEEBarclaycard Ring™ Mastercard®
Credit One Unsecured Visa®for Rebuilding Credit
Credit card for people with bad credit to rebuild credit!
BAD CREDIT CREDIT CARDCredit One Bank® Rebuild Credit
First Access VISA® Credit Card
Access to credit even with bad or limited credit! Reports to 3 major credit bureaus and accepted wherever you see the Visa® sign. Get application response in 60 seconds.
CREDIT CARD FOR BAD CREDITFirst Access VISA®
primor® Secured VisaClassic Card
Credit lines available up to $5,000! Reports to three national credit bureaus; perfect card for reestablishing credit. Guaranteed approval*!
SECURED CARD FOR REBUILDING CREDITprimor Secured Visa Classic
Credit One Bank® Unsecured Visa® with Cash Back Rewards
Get cash back on every purchase. Unsecured credit card with monthly monitoring for credit line increases. Improve your credit history with responsible use.
CASH BACK UNSECURED VISACredit One Bank
Closing an account is not considered derogatory at all. People do it all of the time for legitimate reasons, such as in preparation for applying for a mortgage or they have become disatisfied with the terms of the account or the customer service provided.
I would suggest making sure the account have a zero balance first. In addition, make sure you have no 'automatic' payments being charged to that card. Then take the card, cut it in pieces and mail it to the creditor at the address on the back of the statement for billing dispute or a separate address if one is provided for account closure, along with a letter requesting closure of the account. You may wish to send it certified mail, but this is probably not necessary with most reputable creditors.
In your letter, request that they provide you with a confirmation letter than the account is closed and request that the account closure be reported to the CRAs as "Account Closed by Consumer."
You can call to cancel the card, but you will get transferred to a retention specialist who will try to sell you on keeping the account open. If this seems easier, go ahead and do it, but specifically request a letter from the creditor stating that the account has been closed. If you close the account by mail, expect to get a phone call trying to get you to reopen the account if you've had a good track record with the creditor. In addition you will probably get offers in the mail to reopen the account.
Why would one close any account in preparation for a mortgage? If there is a zero balance on the credit card wouldn't that suffice when preparing for a mortgage?
Having open credit lines lends to the potentional is accumulate debt, which is looking down upon by mortgage lenders. With that in mind, it is better to close the accounts.
Having open credit lines lends to the potential to accumulate debt, which is looked down upon by mortgage lenders. With that said, it is better to close the accounts.
thanks for the reply. Makes sense.
Better they are closed by you, than the provider. Too many cards is a flag when applying for credit..
NO! Just keep some open.