When you cancel your unused credit card
If you plan on canceling a credit card make sure
you do it carefully and do not cause harm to your
credit scores. Canceling a card can hurt your
credit score. Don’t cancel it while you
still have a balance, pay it off first.
- Call the card issuer and cancel
- Follow up in writing
- Get a copy of your credit report and make
sure it’s updated
- Cut up your cards
- Repeat, if necessary.
Check your credit report
Your credit report should not say “closed
by creditor” on it after you have closed
an account. This is a negative mark on your report.
If anything it should say “closed by customer”.
If it has been reported as closed by issuer you
need to get that fixed by the credit card company.
Call customer service and report the mistake,
follow up, in writing send by certified mail then
check your credit report again. You can also dispute
the error through the credit reporting bureau.
Send a note to the credit reporting bureau explaining
the error in 25 words or less. Then they will
do an investigation and report back to you.
It is recommended that you check your credit
report annually to check for errors and identity