I would like to close one of my 3 open credit lines. I would only like 2 lines. Since 2 out of 3 lines are cash back cards, I only need one of these, there is no sense in having 2. Does cancelling a card reflect negatively on ones credit report? Does the closing of an account cause ones FICO score to go down. I must verify that the company puts: Closed At Consumers Request on the credit reports, correct? Should I mail them a letter stating that I want the account closed as well as alert them by phone? I really don't need all of the open credit lines and limits that I have. I never get anywhere close to using them. Its getting too frustrating switching from card to card at the stores and getting numerous statements in the mail. I would like to buy a car within the next few months. By closing an account now, will this look bad on my credit reports when the car dealership investigates my credit situation? Any help would be greatly appreciated.
George is the king of "how to cancel a card". All that cutting and Xerox-ing - It's worth it in the long run. George...
I don't think cancelling a card will hurt you as long as you only close one or two cards every 6 months otherwise they will think you are unstable. For closing card accounts I would just call the card issuer and request them to close it and also request a letter indicating that the account was closed. I've closed three accounts this way in the last year and they all showed up on my report as "closed at consumer's request."
Everytime I have ever closed an account I always call on the phone and tell them I want to close the account. I also ask that I be sent a letter from them on letterhead that my account is closed, with a zero balance (which I make sure of before I close the account), and that they are reporting to all three agencies that it was "closed by consumer". I have never had any problem. I have all my letters from the lenders in a file. If the CRA's don't update in a certain time period, then I send a copy of my letter, and it gets updated.
GEORGE SPENT THE NIGHT IN DENVER... WITH-OUT COMPUTER ACCESS... I send the card cut in half taped on the bottom 1/4 of the letter and copy it...so I have proof. Also, TELL THEM TO make sure they report it... CLOSED BY CONSUMER'S REQUEST BALANCE $0 NEVER LATE F.Y.I. I HAVE DONE THIS FOR YEARS...BUT ONE CARD NEVER CLOSED THE ACCOUNT...THEY SAID THEY NEVER RECEIVED VERBAL PERMISSION TO CLOSE THE ACCOUNT!!!! HUH??? PUT EVERYTHING IN WRITING... PUT EVERYTHING IN WRITING... PUT EVERYTHING IN WRITING... SEND CERTIFIED RETURN RECEIPT... VERBAL??? CLUELESS!!!!
