Is it better to close a credit card account with no balance or simply leave it open and not use it and how does one go about closing an account?

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The answer depends on how many other credit cards you have. If you only have one then hang on to it. In fact, use it to buy a tank of gas or groceries once a month and then pay it off. This will have a very positive effect on your credit score. Some people mistakingly believe that just having a credit card is bad for their credit. Not so. Its better to have one or two cards, use them occasionally and pay them off.
The above answer doesn't really answer the question. The answer is that, for most people, it is better to leave it open with zero balance. Your credit score is partially based on how much of your available credit you are currently using. Canceling a card causes these numbers to change for the worse. For example, let's say you have one card with a $5,000 maximum and another card with a $10,000 maximum. If you were carrying $3,000 on the first card, you would be using 20% of your total credit (3000 / (10000+5000)). If you canceled the second card, you would then be using 3000 out of 5000, or 60% of your available credit.
One thing to be careful of is leaving cards open that charge an annual fee, such as Rewards programs. If you haven't made any purchases on the card, it's easy to forget about paying it. Having a late payment on your credit report is much worse than just closing the account.
The moral is, cut up your credit cards if you want, but canceling the card can actually hurt your credit score.
You can close an account by calling the toll free number for Customer Service on the back of the card.
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Does it hurt your credit to close a credit card account that has a zero balance and is in good standing?

Credit scores are calculated based on ALL the information showing in your credit at the time they are requested. In addition, they factor in "open" accounts in certain areas. You haven't provided enough information about your overall credit to receive a specific answer. If you have two to four revol (MORE)

Is it OK. to transfer balances on credit cards more than once when you receive better offers and should you close out the previous accounts?

Answer . The type of activity you describe can be very detrimental to your credit score.\n. \nApplying for new accounts generates an inquiry into your existing credit file. This is viewed as risky and therefore lowers the score.\n. \nNew accounts also impact credit scores in a negative way. O (MORE)

If you pay off all of your credit accounts and close most charge cards but leave the major cards open will it hurt your credit score?

No it won't. Your credit is only hurt if you dont make payments on time and if you keep applying for things that requires credit inquiries on regular basis. If you close all your cards and just leave the major ones open it won't have any effect on your credit score. The longer you go without applyin (MORE)

Should you close credit card accounts that you are not using?

Closing Credit Card Accounts \n. \nHere are answers and opinions from FAQ Farmers:\n. \n . To ward off fraud, yes, you should. Most companies don't penalize you for closing and you should be able to reopen the account at a later time if you decide. I would just call the credit card company and (MORE)

What should a letter to close a credit card account include?

Actually, I wouldn't recommend closing your credit card account, closed accounts impact your score and do nothing to help improve it. If you zero balance the card just put it in your sock draw get gas or pay a bill with it once a month and then P.I.F. it when you get the bill, that way your not payi (MORE)

How do you close a spousal credit card account?

The husband or wife can request, in writing to be removed from the account. That only means that person won't be able to use it. Assuming you are referring to a joint account, both will still be equally liable for the debt incurred prior to the change. One spouse cannot, however, have the other take (MORE)

Does your credit score go down if you close a credit card account but do not have any credit card balances and do have an auto loan?

Simply closing a credit card should have no impact on your credit scores. However, consumers need to have open credit accounts (including 2 - 4 revolving accounts), that are paid as agreed, in order to have the highest possible score. Sooner or later the lack of this variety of credit accounts will (MORE)

Is is better to close a credit card account or to leave it open once it is paid in full?

Closing an account will temporarily reflect negatively on the person's credit report. However, leaving an account open may result in being charged user fees,etc. Some ccc's waive fees if the card is used within a specified time. it might be a better choice to charge small purchases and pay the balan (MORE)

How do you close a credit card account for a deceased parent?

Answer . It would be advisable to contact the customer service department to find out the exact procedures. Some creditors/lenders will require a copy of the death certificate others only need written correspondence containing the date of death,the writer's relationship to the person, and so for (MORE)

Will closing a credit card account after paying off the balance negatively affect your credit score and would it make a difference to try to reopen the account?

Answer . \nif you are habitually late on your monthly payments, your credit is being "ruined" as they say. it's the ability to make your obligation on time every month. closing the account really prevents you from using it and falling into this trap again. there is the issue of your revolving (MORE)

What can you do when your ex spouse closes a joint credit card account reopens the account accrues a balance and then files bankruptcy leaving you with the debt?

x rated Im not an attourney but if the account was closed(this means the cards are void)and the balance owed was $0 at the time of closing. The x would need your signature to reopen a joint. However in your card agreement you may want to read the fine print and see if the account might have just be (MORE)

What financial liability do you have if a credit card account was opened in your name and closed after you informed the card issuer that fraudulent information was used to open the account?

If you did not use the credit line then you are not responsible for any debt incurred due to the fraudulent act. If you did use the account then you are considered a co-conspirator and are legally liable for any charges made and penalties, fees assessed.. Such incidents can be deemed criminal and/o (MORE)

When should you close credit accounts?

Credit Cards and Your Credit Score trust me when i say, don't close your credit card accounts as soon as you pay them in full. definitely cut the cards in half and store in a safe place. do not contact the creditor to inform them that you are paying the account in full and closing it. by closing yo (MORE)

How can you close a credit card account?


You getting offers to add credit cards and obtain great rewards Does it hurt your credit to open these cards obtain the rewards pay off the balance and close the account?

Answer . Yes, having your credit pulled can lower your FICO score. Which is the score on your credit bureau report used in some cases to determine your credit worthiness. Each time you apply for a new account your credit is pulled whether or not you are approved. Closing accounts can also have a (MORE)

You have accumulated a number of credit card over the years You have two store cards with balances and three major cards with balances Is it OK to close the accounts that you haven't used in two years?

If you are interesting in using your credit in the short run it is NOT a good idea to close your accounts because your credit score will go down. These accounts will automatically close if there is not activity on the card so I recommend that you spread the balance for optimum credit score.. If you (MORE)

What can you do if a credit card company closes your account?

You can not force anyone to extend or continue granting you credit. It is totally their own business decision, based on their own reasons. Frequently, lack of use is a reason (your not profitable enough for them to want to keep as a customer). Of course you can ask why they closed it, and see if (MORE)

Is it better to leave a credit card open or close it if it is inactive?

It could hurt your score in the short. Also many credit cards will close for inactivity within one-two years.. 1. Payment History (35% of score). The first thing any lender wants to know is whether you have paid your past credit accounts on time. The payment history factor of credit scoring takes (MORE)

If I don't use my credit card for a long time and the credit card complany decides to close my account will that look bad on my credit report?

It will remove the available amount of credit from your total sum of available credit. Chances are if it was only a very small amount(like a $1,000.00 or less) it won't make a difference. However if it was a larger amount that will reduce your available credit ratio/vs debt, that could drop your sco (MORE)

If you close a credit card can a merchant still charge the account?

No, if you close your credit card, a merchant will not be able to charge the account. When the merchant attempts to get an authorization, it will come back declined. Now, if a merchant received an authorization before the card account was closed, the authorization will be honored. A merchant may a (MORE)

Can creditor close the credit card account without notice?

Yes, there is no law that forces a creditor to give credit if he decides not to give it. Some creditors will do this if you do not use your card for a while, even if you've never been late on a payment. (This happened with my spouse's American Express Card, which we tend to use only for Summer trav (MORE)