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DebtFreeGuru.com's - Tip of the Week - Monday, April 14, 2003 |
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How
To Cancel A Credit Card
-- The Right Way There's
always a right way and a wrong way to do things, and that goes for
canceling a credit card. Whatever
your reason for getting rid of a credit card (more on that later), you'll
want to make sure you do it thoroughly and that no harm is done to your
credit report. First,
don't try to cancel a card while you're paying the balance. Cancel the
card only after you have paid off the balance in full. "There
isn't a need to cancel that account until you're through with it,"
says Jean Brannan, community outreach coordinator for Consumer Credit
Counseling Service in West Palm Beach, Florida. She adds that you have to
employ self-discipline and stop using a card while you're paying off the
balance. OK,
let's say you have paid off a card's balance and you want to cancel the
account. Brannan suggests that you do the following, in order:
Notify
the issuer by phone If
you can, Brannan says, find out the name of someone to send a confirmation
letter to. At the least, ask for the address. Follow
up with a letter The
letter should say that you're closing your account and that you want your
credit record to reflect the fact that you requested that the account be
closed. Provide your name, address and account number. Send
the letter by certified mail or return receipt requested. That way you can
prove that the card issuer received your letter, Brannan says. Then,
wait a month. "You
can allow as much as 30 days for the closing of your account,"
Brannan says. "Then get a copy of your credit report and make sure it
says 'Closed at customer's request' and that (the account) actually has
been taken off your credit report." Check
your credit report If
the card issuer mistakenly reported that the issuer, not you, closed the
account, you'll have to return to the beginning. Call the customer-service
department to report the mistake, follow up with a letter sent by
certified mail (include a copy of the letter you wrote requesting that the
account be closed), and check your credit report again. "Remember
that a credit report is your credit history," Brannan says. "The
information is submitted by lenders, but it's your individual
responsibility to make sure it's correct." Believe
it or not, it's not the credit bureau's responsibility to make sure that
your credit report is correct. Credit bureaus report what creditors tell
them. So if your credit report is inaccurate, don't ask the credit bureau
to fix it. Ask the creditors to correct inaccuracies and update the credit
bureaus. Experts
recommend that you check your credit report annually to spot inaccuracies
and detect identity-theft problems. Check your credit report before buying
a house or car so you can correct any problems before applying for a loan. Why
to cancel a card In
other words, if you have, say, three cards with low or no balances, a
mortgage lender considers that "potential debt." If you have a
lot of potential debt, a mortgage lender might not be willing to lend all
the money you need because you could take out a mortgage and then run up
your credit cards, endangering your ability to pay all your debts. And
some people get in over their heads in debt and realize that they need to
rid themselves of the temptation of credit cards. "You
might want to close a credit card because you've re-evaluated your budget
and you knew you were overextended," Brannan says. "Or if you
are in debt and trying to get out of debt." And
there's nothing wrong with canceling a card because it's a bad deal. Whatever
the reason for canceling a credit card, it pays to do it right. |
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DebtFreeGuru.com - Tip of the Week - Monday, April 14, 2003 • PO Box 3782 • Clearwater Beach, FL • 33767 • Voice/Fax: 813-354-2563 • Copyright 2003 DebtFREEGuru.com All Rights Reserved. |
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The Author John S. Moore has been facilitating financial planning, cash management, investment and personal growth workshops throughout the United States for more than twenty years.
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Copyright © 2003 John Moore • PO Box 3782 • Clearwater Beach, FL • 33767 • Voice/Fax: 813-354-2563 • |