There are many reasons people may decide to cancel their credit cards, they may have lost it, they want to improve their credit score, or they no longer want to use that particular credit card. But before you go ahead with the cancellation process, you can consider some cancellation tips for credit cards.
Clear the Balance
The first thing that you need to do is to pay off any outstanding balance that you may have on the card you about to cancel. If you can afford clear your balance, it will help to improve your credit score. And there is also another added advantage; you have one less card to worry about. If you cannot pay off the whole sum, you have to make monthly payments until the debt is paid. This, however, will hurt your credit score.
Call Customer Support
Once you have made your mind about the payment plan, you can start the cancellation process by calling the number on the back of your card. When you get online with the customer service representative, request canceling your credit card. Expect the representative to try to convince you not to go ahead with your cancellation. They may make certain offers to try and entice you to keep the card. Be firm and keep insisting on canceling the credit card.
Write a Letter
You can follow your phone request with a letter. This will give you a record of the cancellation request as well. Include all the necessary information in the message along with the application to close the credit card. You can also add the date and time of the phone request that you made. Make a copy of the letter before you send it out and keep it for your records.
Ask for Confirmation
You can ask the representative and include the question in the letter about the effective cancellation date of the credit card. Once the credit card is canceled, contact the bank and ask them to confirm the information. You can also check your credit report to see if the card is closed or not.
If you have more credit cards then you have the use of, it’s probably a good idea to close them out and significantly improve your credit score. You can visit Credit Card Solution website to find advice about credit card related issues.
Credit Card Solution is the ultimate resource for finding free and legitimate help related to finance. The organization is an initiative of financial experts who wish to help people become more self-sufficient and responsible when it comes to handling economic issues, such as debt and credit. Visitors to the site can find useful tips and sound professional advice on all types of financial problems. The site also shares expert reviews on credit cards and other financial products.