Credit Card Consumer Guide Credit Card Application
Credit Card Basics
Choosing credit cards
Reading fine prints
Interest rates
Billing errors
Balance Transfer
 
Credit Card Offers
Low APR credit cards
Low intro rate cards
Business credit cards
Student credit cards
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Airline credit cards
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Apply for a credit cards
 
Your Credit Rating
Your credit rating
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Credit Card Usage
Money Saving Tips
Unauthorized Transaction
Prevent Late Payments
Credit Card Usage TIPS
 
Credit Card Debt
Credit Card Debt
Debt Reducation Strategies
Debt Consolidation
 
Consumer News
 
 


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 theft problems.


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