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Really basic Q.!
simonineaston
Posts: 185 Forumite
I should know the answer to this as I've had loads of credit cards over a forty year banking history, but... Is it a Good Idea to write to each credit card provider each time you decide to stop using a particular card? In the past, I've just paid off the amount owing & cut up the card...
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Comments
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If you want to close the account then yes.
If not it will likely close through dormancy anyway after XX amount of time0 -
I always phone up the card provider and advise them that I wish to close the account. Then I shred the card lol. I've never written to them.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Always check a statement or two after you've paid off the card, otherwise you may be caught by trailing interest.simonineaston wrote: »In the past, I've just paid off the amount owing & cut up the card...
Personally, I would write to the card provider, asking them to cancel the credit agreement and report the account as "Settled" to the credit reference agencies...
...and I check my credit file at the CRAs to ensure that they have complied.0 -
You be better ringing up and asking for a better deal. Some will give you one.0
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I ring them up and close the account, then check my credit files after a few months to make sure it has been reported as settled.0
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Putting it in writing provides an audit trail, a record of what you've done and when you did it, rather than having to remember when you made a phone call.jeffroswald wrote: »Never heard of writing.
And it's worth the price of a stamp to avoid ringing a call centre with the inevitable wait time, interrupted music-on-hold, insincere reminders of how important your call is (not) and the reading aloud of the terms and conditions.0 -
OK folks, thanks for your comments - I'm going to start with a quick call & see what they suggest. (BTW on that subject, I rang a well-established financial institution y'day - The Pru - and listened to the same short clip of some anonymous chamber music go round and round, for about fifteen min.s, interspersed with soothing advice to visit their website, where, I was assured, I would find all sorts of useful things and when I did get through, I asked them if I could have done what it was I was ringing them about on-line and they said,"Err... no!")0
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Some lenders are now withdrawing the issue of new cards by default on inactive accounts. Unless the account holder notifies them to the contrary. .0
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Yes but that will take a while, during which there's an amount of unused available credit on the credit file, which may possibly prevent access to further credit.Thrugelmir wrote: »Some lenders are now withdrawing the issue of new cards by default on inactive accounts. Unless the account holder notifies them to the contrary.0
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