Closing Credit Card Accounts

Mic2904

Hi,

I basicly wanted to know, if there is anything I need to look out for, if I want to close a CC account. I started of with the Capital One CC, but since I got that, I managed to get 2 proper CC (my Bank and Barclaycard) which do me fine. (and both are on a healthy Limit).

The Capital One card helped me, but i dont need it anymore. WIll closing this account affect my rating somehow? I dont want to spil it, as I was fihgting nealry 4,5 years to get my CC...

Thanks.

Markus

staffie1

Mic2904 wrote: »

Hi,

I basicly wanted to know, if there is anything I need to look out for, if I want to close a CC account. I started of with the Capital One CC, but since I got that, I managed to get 2 proper CC (my Bank and Barclaycard) which do me fine. (and both are on a healthy Limit).

The Capital One card helped me, but i dont need it anymore. WIll closing this account affect my rating somehow? I dont want to spil it, as I was fihgting nealry 4,5 years to get my CC...

Thanks.

Markus

Closing accounts you no longer need is a sensible step. It removes from your credit file your 'available credit' which, as far as prospective lenders are concerned is just as bad as having cc's maxed out to their limits. Write to Capital One asking them to close the account and confirming that the card itself has been destroyed.

Moggles_2

Some cards are worth keeping open for the particular benefits and repeat deals they offer, but IME Capital One reserves its best deals for new applicants, so I'd close this starter card. That way, you can re-apply as a 'new' customer and take advantage of any introductory offers that come along

A phone call should be all that's required, but ask CapOne to confirm closure in writing. If you ring Card Services on 01159 938002, you'll avoid the perishing 0870/0845 numbers. You're not asked to return cards, simply requested to cut them up.

Note: C1 is terribly slow, so allow plenty of time.

Mic2904

Thanks for your quick ansers!

Will give them a ring later.