I’d like to take advantage of a balance transfer credit card to clear off debts on my existing credit card and I’ve made a decision to cancel my old credit card after that. What should I do to close it?
Answered on Wednesday, December 1st, 2010 by
James Williams

Frankly speaking, cancelling a credit card is a fine question. If you are firm in your decision keep in mind you should pay down your card balance in full before you inform your lender you want to close your card account. When you are certain your balance is zero inform your lender that you are cancelling your card. To avoid any mistakes it would be better to call the lender first and then write a short cancelation letter to ask for your card to be closed, including your name, phone number, address, account number and information on your earlier phone call, with a note to the credit bureaus that the account was “closed at the consumer’s request”. Ask your lender to confirm your account’s cancellation in a written form. After that all you need to do is to wait as cancelling your card may take a month or more. When at last you get your card cancelled take a look at your credit report copy to see your account is marked as closed. It is important to keep thorough notes on everything you do when going through the process of cancelling your credit card that is who, what, when and why.
Weigh pros and cons of closing your account thoroughly. If you want to cancel your credit card do it correctly in order not to damage your credit score. Think twice before you cancel a card that you have had for a long time as it is an essential component of your credit history. And don’t forget about a utilization ratio (i.e. a credit-to-debt ratio) which is very important to your credit.
By the way, if you haven’t chosen a balance transfer credit card yet, you have a great opportunity to find a card you like best right at our site and apply online!

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