Cancelling a credit card

[bobby_lu]

Anyone know the "proper" way to do this.

Of course I dont mean cutting them up because thats useless and I know all the #'s anyways lol. :nut:

But I heard that even if you call the company and actually cancel it, it still stays on your credit report/rating/liabilities etc.

I do remember vaguely someone at the bank telling me there is a way to actually cancel it, but dont know how?

Can anyone comment?

[sputnik]

Call the 1-800 number on the back of the card.

You should be able to cancel it in minutes over the phone.

[PINOY-X]

why dont you call the credit card company and ask them they shud be able to tell you ..............:dunno:

[bobby_lu]

I know I can call them and cancel, but further to my other point, I heard that doesnt totally get it off your "permanent record" or whatever haha

[Mangina]

I think it's bad for your credit to cancel them.

[tylere]

Even if you do cancel the card it will remain on your credit report, after a while (3-6) years it will come off me thinks. I would just cut up the card and keep the account provided you are in good standing with the CC company as it will give you history on your credit report.

[teggypimp95]

Calling the credit card company is how you cancel. ANd obviously throwing away the card.
Your credit report will remain the same. That you cannot dodge or remove. It will stay on your reports like stated above 3-6 years untill you have proved yourself better with newer credit. How ever canceling a card may not be that great for your credit score either.

[teggypimp95]

But each card and company is differnt, so instead of getting half ass answers on beyond, i would just call them or the bank and they would be happy to answer your questions.

[bobby_lu]

I found an article about it. Actually, if you cancel a card while still carrying a balance (on any other card) you are then using a higher % of your available credit, but if you cancel once theres no balance, it shouldnt hurt your credit. Something along those lines.

Thanks for the opinions :closed:

[Talies R]

I canceled a card with no balance before, and I dont believe it 'hurt' my score but it is present on my credit report it just says canceled at owners request.

[bobby_lu]

Originally posted by Talies R
I canceled a card with no balance before, and I dont believe it 'hurt' my score but it is present on my credit report it just says canceled at owners request.

Yes that is the proper way to do it, "at customer's request" now that i have inquired further.

[harv91]

visa is EFFIN retarded, i lost my visa and called them to get them to send me a new one and close the lost one, they left it open for like 6 or 7 months. I owed about .65$ on the visa that i lost, i kept getting bills in the mail but i was like wtf i already cancelled this.
So one day i called them and i was like wtf is going on, with interest it had came up to 1.50$(ish). They were like its not closed yet. So i yelled at them and told them that it better not affect my credit, they said it wouldn't. I paid the 1.50$ or w/e.
I still continued getting these bills from the lost visa (my first one that i had just cancelled) so i called them again. and the guy says
"Your visa isn't closed its still active"

i freaked out at them about their shitty Customer Service, and he closed it, Atleast i think he did lol retards can't even cancel a fricken visa.

[arian_ma]

At the UofC, I signed up for one of those MasterCards just to get the free backpack cause I got dared to do so. I got accepted for one, and when I received it I never activated it and threw it away. Does that affect my credit score?

Also, the previous year, I got the same dare and signed up for the same card but I put in ridiculous limit requests and where it said how much do you make I put like 5 dollars a month, and thus got "rejected". Is THAT bad? haha man shouldn't fuck around with these guys...

Worth noting: I already have a credit card that I have been using for 2 years with Royal Bank with no outstanding payments ever.

[Amysicle]

In some of those fine print documents that I get with my credit card, they apparently want written notice of cancellation of the contract. But I'm sure it varies with each card.

[tylere]

Originally posted by arian_ma
At the UofC, I signed up for one of those MasterCards just to get the free backpack cause I got dared to do so. I got accepted for one, and when I received it I never activated it and threw it away. Does that affect my credit score?

Also, the previous year, I got the same dare and signed up for the same card but I put in ridiculous limit requests and where it said how much do you make I put like 5 dollars a month, and thus got "rejected". Is THAT bad? haha man shouldn't fuck around with these guys...

Worth noting: I already have a credit card that I have been using for 2 years with Royal Bank with no outstanding payments ever.

Everytime you apply for a credit card they do a credit check which yes, will lower your credit score. Would I worry about it? No, unless you are looking to get a loan/credit increase right away.

[D. Dub]

Originally posted by tylere


Everytime you apply for a credit card they do a credit check which yes, will lower your credit score. Would I worry about it? No, unless you are looking to get a loan/credit increase right away.

Credit checks DO NOT lower your credit score persay.

A number of credit checks over a short period of time like you're in trouble and need credit badly can effect your score.

[arian_ma]

Originally posted by D. Dub


Credit checks DO NOT lower your credit score persay.

A number of credit checks over a short period of time like you're in trouble and need credit badly can effect your score.

Soo....am I good to go or did my credit get affected?

[D. Dub]

Originally posted by arian_ma


Soo....am I good to go or did my credit get affected?

LIKELY not effected -- why not spend the few dollars and get your credit report if you're worried?

[urban.one]

Two things to consider when you are cancelling cards:

Dont cancel your oldest credit cards. Part of your credit score is based on the length of your history and if you cancel old accounts and only have new accounts with a short history this could adversely affect your score.

The second thing is if you have outstanding balances on your credit cards or LOCs, cancelling an account will lower your total outstanding limits, and as such will also increase your "balance outstanding to credit limit" ratio. This will also result in lowering your credit score.

One additional thing to remember is it doesnt hurt you to have that credit available unless youre paying annual fees on the cards. If you ever need that credit then its there (ie, health emergency, loss of job, anything unexpected.) But when your in a bind and have no credit then your only option might be payday loans.

[max_boost]

Originally posted by arian_ma


Soo....am I good to go or did my credit get affected? Go check your credit report online and get your credit score. www.equifax.ca

Like previous loans, canceled credit cards stay on your file to show you had a history with the company and you are up to date.

My credit score has declined from 762 to 721 in the past year. And all I remember doing was applying for one unsecured line of credit. It takes years to build up your score!