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Should I Consider Closing My Own Credit Card?

Everyone strives to earn a high credit score. It is the ticket to speedy loan and account approvals and low-interest rates. When ‘you’ close a credit account, it means you, the consumer closed the account, not the lender with your credit report indicating that you, the consumer closed the credit account. It is important to weigh your options carefully when closing a credit card because there are circumstances in which closing an account can negatively hurt your credit. Many credit counselors recommend keeping accounts with a long history of good payments and no annual fees open so credit bureaus can track them. High-interest rates, unfriendly annual fees or an inability to curb your spending are solid reasons to close your credit account. But, before you snip that credit card in two, be sure you follow specific steps in closing your account to ensure the least amount of damage is done to your credit score.

Steps to Closing a Credit Card

  1. Gather Contact Information:

When you are ready to begin the cancellation process, be sure to have the customer service number located on the back of the credit card, the mailing address and monthly statement handy.

  1. Remember to redeem rewards:
    Many credit cards allow you to accrue rewards. Once a card is closed, the rewards are lost. Check your rewards balances and cash them in prior to canceling.
  2. Pay off your credit card in full:

Pay off your credit card or transfer the balance to a card with better terms or a 0% interest fee.

  1. Contact Customer Service:

Contact your credit card’s customer service. Confirm that your balance is zero. Interest may have accumulated from the time you paid the balance in full and your most recent bill. Once a zero balance has been confirmed, inform customer service that you intend to close the account and cancel the credit card. You will most likely be met with resistance and offered special incentives to keep the account open. Stay firm and insist it be closed. Be sure to take notes of who you spoke with.

  1. Request a letter: This letter should confirm the account’s closure and include your name, address, phone number, account number and verbiage stating the account was closed at your request. You will want your credit report to reflect that the account was closed at the customer’s request.
  2. Be patient: Getting the card canceled may take a month or more. After that time, request a copy of your credit report to ensure it was marked as ‘closed.’ You can pull a free copy of your credit report once a year from each of the top three credit bureaus (Equifax, Experian and TransUnion) at

How Credit Cards Affect Your Credit Score

There are many variables that factor into determining your credit score. 15% of your credit score is determined by the length of your credit history. Credit bureaus look into how long you have had credit and the opening dates of your credit cards. 30% of your score is credit utilization, which is how much debt you owe in relation to your total available credit limit. Sometimes it is better to strike a balance with your cards instead of making the decision to close them and cut your credit history short. This essentially means keeping your cards open, not carrying high balances and not leaving them completely inactive or lenders may close them. This scenario will cause the least damage to your credit score.

Credit Cards Boca Raton

Great American Credit Repair Company

If you feel conflicted and need further advice on whether closing your credit card account/s is a sound financial decision, Great American Credit Repair Company offers credit counseling. Our credit counseling includes a financial assessment to evaluate your income, assets, debt and spending habits, debt solutions including consolidation, budgeting, and financial education.

About Great American Credit Repair Company

Great American Credit Repair Company…….because you deserve a fresh start! Call us today at 1-800-603-1943 for your FREE consultation. Our financial experts will work diligently on your behalf to raise your credit score and repair bad credit. We are attorney-approved and offer the industry’s only Money Back Triple Results Warranty to protect your investment.

How does Great American Credit Repair work to restore your credit? Approximately 79% of all credit reports contain errors and aren’t verifiable. At Great American Credit Repair Company, we have proficient understanding of the rules Credit Bureaus are bound to and how to resolve common but substantial threats to your credit score. We know most people don’t earn the credit score they deserve and will investigate every negative aspect of your credit report every single month to make sure you get the highest credit score possible.

REPAIR YOUR CREDIT TODAY by calling us Toll-Free: 1 (800) 603-1943 or visiting us at


Great American Credit Repair Company

2385 Northwest Executive Center Drive #100,

Boca Raton, FL 33431

(800) 603-1943


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