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Monday, November 23, 2015

Some Things You Should Know Before Canceling a Credit Card

By Gabriela Burk, Community Program Specialist

Before closing any credit card account, call the issuing bank (or other lending institution) to verify that the balance on the card is zero. Not paying off the entire balance before canceling the card could negatively affect your credit report. Note that canceling a card will not eliminate the information from your credit report.

Some credit cards let you accumulate rewards of some kind, such as frequent flyer miles on airlines or points you can use to buy things at certain stores. Remember to collect (use) any rewards from your card before canceling it.

Call the bank to ask any questions you might have about the cancellation process. Finally, put your request to cancel your card in a letter, make a copy, and then mail the letter to the issuing bank. Ask the bank if you have any questions about what should go in the letter.

For more details on canceling credit cards, visit’s website How to cancel a credit card.

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