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.
Resources for YOU: