Right way to Cancel a Credit Card

Be careful when you close a credit card account. Make sure it will not hurt your credit score. Check this resource I found which can help you close the credit card in the right way.

There’s a Right Way, and a Wrong Way, to Cancel a Credit CardThe first thing to do is make sure you have a zero balance on the card or it’s likely your card issuer will raise your interest rate as soon as you’ve cancelled in order to squeeze our as much from you in interest as possible.Start with a phone call, and remember to follow up in writing and to check your credit report to be sure the closure is reported accurately. Some creditors will report the account as “closed by credit grantor” which has a negative connotation and can hurt your credit score.

There’s a Right Way, and a Wrong Way, to Cancel a Credit Card

technorati tags:Cancel a Credit Card, credit, debt