{"id":105510,"date":"2023-03-20T07:25:22","date_gmt":"2023-03-20T07:25:22","guid":{"rendered":"https:\/\/businessyield.com\/?p=105510"},"modified":"2023-04-05T07:13:09","modified_gmt":"2023-04-05T07:13:09","slug":"closing-credit-cards","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-personal-finance\/closing-credit-cards\/","title":{"rendered":"CLOSING CREDIT CARDS: Step-By-Step Guide","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<p>Closing credit cards is a common practice among individuals who are looking to simplify their finances, reduce debt, or streamline their credit usage. However, it&#8217;s important to understand the potential consequences of closing a credit card account before making a decision. This includes considering the impact on your credit score, available credit, and overall financial health. Closing credit cards can potentially hurt your credit score, but the extent of the impact will depend on several factors. In this context, if you&#8217;re considering closing credit cards, it&#8217;s important to weigh the pros and cons carefully, especially if you have a zero balance on your cards, as it can impact your credit score.<\/p><h2 class=\"wp-block-heading\" id=\"h-what-is-closing-credit-cards\"><span id=\"what-is-closing-credit-cards\">What Is Closing Credit Cards<\/span><\/h2><p>The process of canceling an active credit card account with a bank or credit card company is referred to as &#8220;closing credit cards.&#8221; This means that the cardholder will no longer have access to the account&#8217;s credit limit and will be unable to make new purchases or cash advances with the card. When the account is closed, the cardholder must pay off any outstanding balances. The account will be listed as closed on their credit report.<\/p><h2 class=\"wp-block-heading\" id=\"h-is-it-better-to-cancel-unused-credit-cards-or-keep-them\"><span id=\"is-it-better-to-cancel-unused-credit-cards-or-keep-them\">Is It Better to Cancel Unused Credit Cards or Keep Them?<\/span><\/h2><p>The decision to cancel or keep unused credit cards is influenced by a variety of factors. This could be your personal financial goals and credit utilization habits. Here are some &nbsp;Pros and Cons of Closing unused Credit Cards:<\/p><h3 class=\"wp-block-heading\" id=\"h-pros-of-canceling-unused-credit-cards\"><span id=\"pros-of-canceling-unused-credit-cards\">&nbsp;Pros of Canceling Unused Credit Cards<\/span><\/h3><ul class=\"wp-block-list\"><li>Reduce the number of accounts you need to manage to simplify your finances.<\/li>\n\n<li>Avoid annual fees and other card-related charges.<\/li>\n\n<li>Reduce the possibility of identity theft or fraud by closing the unused account.<\/li><\/ul><h3 class=\"wp-block-heading\" id=\"h-cons-of-canceling-unused-credit-cards\"><span id=\"cons-of-canceling-unused-credit-cards\">Cons of Canceling Unused Credit Cards<\/span><\/h3><ul class=\"wp-block-list\"><li>Could raise your credit utilization rate, which could also harm your credit score.<\/li>\n\n<li>Reduce the length of your credit history, which may lower your credit score.<\/li>\n\n<li>Reduce your available credit, which may have an effect on your credit utilization rate and credit score.<\/li><\/ul><p>Finally, whether to cancel or keep unused credit cards should be determined by your personal financial situation and goals. If you have a good credit score and do not intend to apply for new credit in the near future, canceling unused cards may be acceptable. However, if you have a high credit utilization rate or intend to apply for new credit soon, it may be preferable to keep the cards open in order to maintain a good credit score.<\/p><h2 id=\"does-closing-credit-cards-hurt-your-credit-score\" class=\"wp-block-heading\">Does Closing Credit Cards Hurt Your Credit Score?&nbsp;<\/h2><p>Closing credit cards can also have a negative impact on your credit as it can hurt your score, depending on your credit history and situation. Here are some of the ways that credit cards closures can also affect your credit score:<\/p><h3 class=\"wp-block-heading\" id=\"h-1-credit-utilization-rate\"><span id=\"1-credit-utilization-rate\">#1. Credit Utilization Rate&nbsp;<\/span><\/h3><p>Closing a credit card can also reduce your available credit, potentially increasing your credit utilization rate. This is the amount of credit you&#8217;re using in relation to the total amount of credit available to you. A high credit utilization rate can have a negative impact on your credit score.<\/p><h3 class=\"wp-block-heading\" id=\"h-2-credit-history\"><span id=\"2-credit-history\">#2. Credit History&nbsp;<\/span><\/h3><p>Closing credit cards can also reduce your credit history, potentially lowering your credit score. Your credit history is used to calculate your credit score and longer credit histories also increase credit scores.<\/p><h3 class=\"wp-block-heading\" id=\"h-3-credit-mix\"><span id=\"3-credit-mix\">#3. Credit Mix<\/span><\/h3><p>Closing credit cards can have an effect on the mix of credit types on your credit report. Lenders prefer to see credit types such as credit cards, installment loans, and mortgages on your report. Closing credit cards can also have an effect on this mix, potentially lowering your credit score. Yet, canceling a credit card may not hurt your credit score. If you have a lot of credit card debt and close a card to pay it off faster, it may improve your credit score.<\/p><p>Overall, whether or not closing a credit card hurts your credit depends on your personal credit history and situation. Before canceling a credit card, check your credit report and score to determine how it will affect your credit.<\/p><h2 class=\"wp-block-heading\" id=\"h-is-it-smart-to-close-unused-credit-cards\"><span id=\"is-it-smart-to-close-unused-credit-cards\">Is It Smart to Close Unused Credit Cards?<\/span><\/h2><p>Whether it&#8217;s smart to close unused credit cards or not depends on your individual financial situation and goals. Here are some factors to consider:<\/p><h3 class=\"wp-block-heading\" id=\"h-1-credit-utilization-rate-1\"><span id=\"1-credit-utilization-rate-2\">#1. Credit Utilization Rate&nbsp;<\/span><\/h3><p>Closing a credit card may lower your credit score if it raises your credit utilization rate. Credit utilization should be below 30%. Closing a credit card that increases your credit usage rate above this threshold may not be wise.<\/p><h3 class=\"wp-block-heading\" id=\"h-2-credit-history-1\"><span id=\"2-credit-history-2\">#2. Credit History<\/span><\/h3><p>Closing a credit card might reduce your credit history and score. Closing a credit card will drastically lower your average account age if you have a long credit history. It may be unwise.<\/p><h3 class=\"wp-block-heading\" id=\"h-3-available-credit\"><span id=\"3-available-credit\">#3. Available Credit&nbsp;<\/span><\/h3><p>Closing a credit card can reduce the amount of available credit you have. However, it can impact your credit utilization rate and potentially hurt your credit score.<\/p><h3 class=\"wp-block-heading\" id=\"h-4-annual-fees\"><span id=\"4-annual-fees\">#4. Annual Fees<\/span><\/h3><p>If the unused credit card comes with an annual fee or other charges, it may be smart to close it. This is to avoid paying these fees.<\/p><h3 class=\"wp-block-heading\" id=\"h-5-simplification-of-finances\"><span id=\"5-simplification-of-finances\">#5. Simplification of Finances&nbsp;<\/span><\/h3><p>If you have several unused credit cards and closing them will simplify your finances. However making it easier to manage your accounts, maybe a smart move. In general, if closing an unused credit card will not significantly impact your credit utilization rate or credit history, and will simplify your finances or save you money in annual fees, it may be a smart move. However, if closing the card will have a negative impact on your credit score, it may not be a smart move.<\/p><h2 class=\"wp-block-heading\" id=\"h-what-happens-if-you-close-all-credit-cards\"><span id=\"what-happens-if-you-close-all-credit-cards\">What Happens if You Close All Credit Cards?<\/span><\/h2><p>If you close all of your credit cards, it can have a significant impact on your credit score. It can also have overall credit health. If you close all of your credit cards, you will also have no available credit, which could cause your credit utilization rate to increase to 100%. This can have a negative impact on your credit score. Closing all of your credit cards can also significantly reduce the average age of your accounts, which can lower your credit score. Lenders prefer long credit histories, which boosts credit scores.<\/p><p>If you close all your credit cards, you will lose the mix of credit types on your credit report. This can impact your credit score as lenders like to see a variety of credit types, such as credit cards, installment loans, and mortgages. However, if you close all of your credit cards, it can be difficult to get approved for new credit in the future. Lenders also prefer applicants with a history of responsible credit use.<\/p><h2 class=\"wp-block-heading\" id=\"h-what-are-the-negatives-of-closing-a-credit-card\"><span id=\"what-are-the-negatives-of-closing-a-credit-card\">What Are the Negatives of Closing a Credit Card?<\/span><\/h2><p>Closing credit cards, particularly one with a zero balance, can have both pros&nbsp;and cons&nbsp;effects on your credit score and financial health, so weigh the potential negatives, such as an increased credit utilization rate, a shortened credit history, an impacted credit mix, and the potential loss of rewards or other benefits, against your reasons for wanting to close the account.<\/p><h2 class=\"wp-block-heading\" id=\"h-how-do-you-completely-close-a-credit-card\"><span id=\"how-do-you-completely-close-a-credit-card\">How Do You Completely Close a Credit Card?<\/span><\/h2><p>To completely close a credit card, you typically need to contact the credit card issuer&#8217;s customer service line or submit a request online. The specific process may vary depending on the issuer. Still, you will typically need to provide some basic information, such as your account number and personal details, to verify your identity. Once your request has been processed, your credit card account will be closed, and you will no longer be able to use the card for purchases. It&#8217;s important to note that closing a credit card can potentially impact your credit score, so it&#8217;s a decision that should be carefully considered.<\/p><p>If you&#8217;ve weighed the pros and cons of closing credit cards with a zero balance and have decided it&#8217;s the right move for you, the process for closing the card typically involves calling the credit card issuer&#8217;s customer service line or submitting a request online, But before you do, make sure to consider how this could impact your credit score and overall financial health.<\/p><h2 class=\"wp-block-heading\" id=\"h-closing-credit-cards-with-zero-balance\"><span id=\"closing-credit-cards-with-zero-balance\">Closing Credit Cards With Zero Balance<\/span><\/h2><p>Closing credit cards with a zero balance can have both pros and cons, so it&#8217;s important to weigh your options carefully before making a decision. On the one hand, closing credit cards with a zero balance can also reduce the amount of available credit you have, which could increase your credit utilization rate and potentially lower your credit score. On the other hand, closing a credit card with a zero balance could simplify your finances and reduce the risk of identity theft or fraud. Ultimately, whether or not to close a credit card account with a zero balance will depend on your individual financial situation and goals. If you do decide to close the account, be sure to contact the credit card issuer to request the closure and confirm that your account has a zero balance before doing so.<\/p><h2 class=\"wp-block-heading\" id=\"h-does-closing-a-credit-card-hurt-your-credit-score\"><span id=\"does-closing-a-credit-card-hurt-your-credit-score\">Does Closing a Credit Card Hurt Your Credit score&nbsp;<\/span><\/h2><p>Closing credit cards can potentially hurt your credit score, but the extent of the impact will depend on several factors, including your credit history, credit utilization rate, and the specific credit cards you choose to close. One potential way of closing a credit card that can also hurt your credit score is by increasing your credit utilization rate, which is the percentage of your available credit that you&#8217;re currently using. When you close credit cards, you&#8217;re reducing the amount of credit available to you, which can increase your credit utilization rate. This can have a negative impact on your credit score, as lenders like to see a low credit utilization rate.<\/p><p>Additionally, closing a credit card can also impact the length of your credit history. Your credit history is a factor in determining your credit score, and the longer your credit history, the better. When you close a credit card account, you&#8217;re shortening your credit history, which can also lower your credit score. In summary, closing credit cards can potentially hurt your credit score, but the extent of the impact will depend on various factors. If you&#8217;re considering closing a credit card, it&#8217;s important to carefully consider the potential impact on your credit score before making a decision.<\/p><h2 class=\"wp-block-heading\" id=\"h-steps-to-permanently-cancel-your-credit-card\"><span id=\"steps-to-permanently-cancel-your-credit-card\">Steps to Permanently Cancel Your Credit Card<\/span><\/h2><p>If you have decided to cancel your credit card permanently, here are the steps you can follow:<\/p><h3 class=\"wp-block-heading\" id=\"h-1-pay-off-your-balance\"><span id=\"1-pay-off-your-balance\">#1. Pay Off Your Balance<\/span><\/h3><p>Before you cancel your credit card, make sure that you have paid off your outstanding balance in full. This will ensure that you don&#8217;t owe any money to the credit card company after you cancel the card.<\/p><h3 class=\"wp-block-heading\" id=\"h-2-contact-the-credit-card-company\"><span id=\"2-contact-the-credit-card-company\">#2. Contact the Credit Card Company<\/span><\/h3><p>Cancel your credit card by calling or visiting the company&#8217;s website. Provide them with your card number, personal information, and reason for canceling the card.<\/p><h3 class=\"wp-block-heading\" id=\"h-3-cut-up-your-card\"><span id=\"3-cut-up-your-card\">#3. Cut Up Your Card<\/span><\/h3><p>After you have initiated the cancellation process, cut up your credit card and dispose of it securely. This will prevent anyone from finding and using your card.<\/p><h3 class=\"wp-block-heading\" id=\"h-4-confirm-the-cancellation\"><span id=\"4-confirm-the-cancellation\">#4. Confirm the Cancellation<\/span><\/h3><p>Make sure to confirm with the credit card company that your card has been canceled. This will ensure that you are not charged any additional fees or interest charges.<\/p><h3 class=\"wp-block-heading\" id=\"h-5-monitor-your-credit-report\"><span id=\"5-monitor-your-credit-report\">#5. Monitor Your Credit Report&nbsp;<\/span><\/h3><p>After canceling your credit card, monitor your credit report to ensure that the credit card company has reported the cancellation correctly. If there are any errors, dispute them with the credit reporting agencies.<\/p><h3 class=\"wp-block-heading\" id=\"h-6-consider-the-impact-on-your-credit-score\"><span id=\"6-consider-the-impact-on-your-credit-score\">#6. Consider the Impact on Your Credit Score&nbsp;<\/span><\/h3><p>Canceling a credit card can have a negative impact on your credit score, particularly if you have had it for a long time or if it is your only credit card. Before canceling, consider your credit score and wait till you have alternative credit cards.<\/p><h2 id=\"faqs\" class=\"wp-block-heading\">FAQs<\/h2><section\t\tclass=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h2 id=\"how-does-closing-a-credit-card-affect-your-credit-score\">How does closing a credit card affect your credit score?\n<\/h2>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n<p>If closing the card causes a shift in your credit utilization ratio, it may have a negative impact on your credit score. The credit utilization ratio in your credit reports indicates how much of your total credit limit you are actually using.&nbsp;<\/p>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\tclass=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h2 id=\"is-there-any-risk-to-my-credit-score-if-i-close-a-card\">\nIs there any risk to my credit score if I close a card?\n\n<\/h2>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n<p>In a word, no. There may be a seven-year (negative) or ten-year (positive) after-effect of a closed account on your credit reports (if positive). As long as the account is listed, it will contribute to your credit age average.<\/p>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\tclass=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h2 id=\"what-happens-if-you-close-a-credit-card-youve-never-used\">What happens if you close a credit card you&#039;ve never used?\n<\/h2>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n<p>If you close an inactive credit card account, that account will no longer contribute to your average account age, which can have a negative impact on your credit score.&nbsp;<\/p>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\n<script type=\"application\/ld+json\">\n\t{\n\t\t\"@context\": \"https:\/\/schema.org\",\n\t\t\"@type\": \"FAQPage\",\n\t\t\"mainEntity\": [\n\t\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"How does closing a credit card affect your credit score?\n\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>If closing the card causes a shift in your credit utilization ratio, it may have a negative impact on your credit score. The credit utilization ratio in your credit reports indicates how much of your total credit limit you are actually using.&nbsp;<\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"\nIs there any risk to my credit score if I close a card?\n\n\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>In a word, no. There may be a seven-year (negative) or ten-year (positive) after-effect of a closed account on your credit reports (if positive). As long as the account is listed, it will contribute to your credit age average.<\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"What happens if you close a credit card you've never used?\n\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>If you close an inactive credit card account, that account will no longer contribute to your average account age, which can have a negative impact on your credit score.&nbsp;<\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t\t\t\t]\n\t}\n<\/script><h2 id=\"related-article\" class=\"wp-block-heading\">Related Article<\/h2><ul class=\"wp-block-list\"><li><a href=\"https:\/\/businessyield.com\/bs-personal-finance\/bad-credit\/\" target=\"_blank\" rel=\"noreferrer noopener\">BAD CREDIT: Definitions, Examples &amp;amp; Penalties<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/bs-personal-finance\/is-it-bad-to-cancel-a-credit-card\/\" target=\"_blank\" rel=\"noreferrer noopener\">IS IT BAD TO CANCEL A CREDIT CARD? What You Should Know<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/bs-personal-finance\/how-to-use-credit-card-to-build-credit\/\" target=\"_blank\" rel=\"noreferrer noopener\">HOW TO USE CREDIT CARD TO BUILD CREDIT: Detailed Guide<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/bs-personal-finance\/homedepot-credit-card\/\" target=\"_blank\" rel=\"noreferrer noopener\">HOMEDEPOT CREDIT CARD: Everything You Should Know<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/insurance\/best-2023-mobile-home-insurance-florida\/\" target=\"_blank\" rel=\"noreferrer noopener\">Best 2023 MOBILE HOME INSURANCE FLORIDA: Costs &amp; All You Need<\/a><\/li><\/ul><h2 id=\"references\" class=\"wp-block-heading\">References <\/h2><ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.cnbc.com\/select\/how-to-cancel-credit-card\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">cnbc.com<\/a><\/li>\n\n<li><a href=\"https:\/\/www.creditkarma.com\/credit-cards\/i\/how-to-cancel-credit-card\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">creditkarma.com<\/a><\/li><\/ul>","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"Closing credit cards is a common practice among individuals who are looking to simplify their finances, reduce debt,&hellip;\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":253,"featured_media":107554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[480],"tags":[],"class_list":{"0":"post-105510","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bs-personal-finance"},"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v23.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CLOSING CREDIT CARDS: Step-By-Step 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