Pointers to Consider Before Cancelling a Credit Card

If you want to close out your credit card account, then you need to execute it correctly.  Keep in mind that the wrong move may cause hurt to your credit rating.  In this post, let us discuss some important points to consider before cancelling a credit card:

Be certain with your decision. First, seriously consider whether cancelling your credit card would be the best solution.  For instance, if you are having a difficult time catching up with your credit card payments, then cancelling is not a solution.  Why?

If you cancel your account while you have unpaid charges, you will be inflicting very serious damage to your personal credit history.  So before taking the next step, you must first work on zeroing in your balance.

Then again, if you are not using that credit card because you have other cards with better rates, then it is sensible to cancel the account to protect yourself from identity theft and fraud; and from the temptation to overspend.  However, before cancelling, make sure that you will not be leaving any balance in your account.

Pointers to Consider Before Cancelling a Credit Card

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About the Author

Allison May

Allison May is a credit consultant and a writer for Credit Creators. The resource provides consumers with valuable advice and information on Guaranteed Approval credit cards, Unsecured credit cards for Bad Credit and other credit-related issues. The main objective here is to help people build good credit. Add Allison on

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