Tips on Closing Out a Credit Card Account
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Posted: Mon Sep 27, 2004 1:32 pm
Post subject: Tips on Closing Out a Credit Card Account
Alice
Date: 2/21/2001 1:51 pm CDT
I read some posts earlier about requesting a "hard closure" when closing an account. We have very good credit, have paid off all of our cards but now want to cancel these cards and have just one or two that offer some type of rewards, ie: airline miles, cashback. I am not clear on whether suddenly closing several accounts at once will have an adverse effect on our credit or not. I know that applying for too many at once can be a red flag on your report. Does anyone know about this?
In finding a rewards type card, I was wondering what opinions there are out there in regards to airline mileage reward cards compared to cashback cards. We don't travel much but would like our credit card purchases to be working for us if possible. Maybe it would be better to find the best cashback program and apply the money to airline ticket deals? Your thoughts?
Thank you for your help. This is a very informative site and I appreciate the information.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Sep 27, 2004 1:32 pm
Post subject: Tips on Closing Out a Credit Card Account
Eugene
Date: 2/22/2001 10:46 pm CDT
I am not clear on whether suddenly closing several accounts at once will have an adverse effect on our credit or not.
It might. Not because it is "sudden", "several" or "at once", but just because its best (score-wise) to have several credit cards, and if you leave only "just one or two" as you said, you might lower your score. Think "2 to 4" if you are concerned with the score, or "at least two" if you are concerned with convenience.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:33 pm
Post subject: Tips on Closing Out a Credit Card Account
Alice
Date: 2/23/2001 9:15 am CDT
Thank you for your response. We will still have at least 2 cards active (and probably 4) and will soon be applying for others with reward benefits of some kind. We just have to decide which one of those cards will benefit us most.
Posted: Mon Sep 27, 2004 1:32 pm
Post subject: Tips on Closing Out a Credit Card Account
Alice
Date: 2/21/2001 1:51 pm CDT
I read some posts earlier about requesting a "hard closure" when closing an account. We have very good credit, have paid off all of our cards but now want to cancel these cards and have just one or two that offer some type of rewards, ie: airline miles, cashback. I am not clear on whether suddenly closing several accounts at once will have an adverse effect on our credit or not. I know that applying for too many at once can be a red flag on your report. Does anyone know about this?
In finding a rewards type card, I was wondering what opinions there are out there in regards to airline mileage reward cards compared to cashback cards. We don't travel much but would like our credit card purchases to be working for us if possible. Maybe it would be better to find the best cashback program and apply the money to airline ticket deals? Your thoughts?
Thank you for your help. This is a very informative site and I appreciate the information.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:32 pm
Post subject: Tips on Closing Out a Credit Card Account
Eugene
Date: 2/22/2001 10:46 pm CDT
I am not clear on whether suddenly closing several accounts at once will have an adverse effect on our credit or not.
It might. Not because it is "sudden", "several" or "at once", but just because its best (score-wise) to have several credit cards, and if you leave only "just one or two" as you said, you might lower your score. Think "2 to 4" if you are concerned with the score, or "at least two" if you are concerned with convenience.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:33 pm
Post subject: Tips on Closing Out a Credit Card Account
Alice
Date: 2/23/2001 9:15 am CDT
Thank you for your response. We will still have at least 2 cards active (and probably 4) and will soon be applying for others with reward benefits of some kind. We just have to decide which one of those cards will benefit us most.
posted by CardRatings.com at 2:01 PM
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