October 22, 2006 10:09 PM
How To Close Credit Card Properly?
It is not always wise to close your credit card accounts, and when you decide to do so, you should do in a proper fashion. Here are some good tips:
Don’t close old card accounts. Even if you don’t use a credit card that you’ve had for ages, consider keeping it open. Closing an older account will hurt your credit score, because your credit history will appear shorter than it actually is. Consider calling the card issuer to see if you can get a better rate, and cancel an account you’ve opened more recently.
Don’t cancel many card accounts at once. If you want to pay down debt, gradually pay off each card and close each account as you do. Lenders like to see how you manage a number of accounts, and a sudden drop in card use may result in a sharp drop in your credit score.
Consolidate wisely. Rolling all your debt on to one card may sound smart, but if your account balance comes to more than 50% of your available credit line, it’ll dent your credit score.
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