credit card cancellation

tsharp

I know this must be a topic covered all the time here, but i am new, so therefore i have an excuse for stoopid questions (kind of)...

Cancelling Credit Cards, which is the best/accepted way of doing it? I have a couple with 0 balances that I only got so i could transfer the debt onto, and i read that they can screw with your credit history/rating if you have dormant ones, is this true?

As for cancelling, do you have to write to them, or do they do it over the phone?

Cheers!

grumbler

tsharp wrote:

Cancelling Credit Cards, which is the best/accepted way of doing it?... As for cancelling, do you have to write to them, or do they do it over the phone?

For me phone call was always sufficient. Ask them to send a letter with confirmation.

I have a couple with 0 balances that I only got so i could transfer the debt onto, and i read that they can screw with your credit history/rating if you have dormant ones, is this true?

Yes.
Should I cancel old credit cards?
What are the best CC to keep hold off?

Phantom_Flan_Flinger

Certainly in recent times, a phone call has sufficed for cards I've cancelled, but I remember having to send Morgan Stanley written confirmation a few years back. Easiest way is just phone them up to confirm. They'll undoubtedly ask you why you wish to cancel.

Keeping the cards shouldn't effect your history, but it may effect your rating as it'll show you have x amount of thousands available for you to spend.

sicker

I find a phone call is usually sufficient (they will tell you to cut up the card) and there is always the possibility they may give you another offer to keep the card open.

John