Really basic Q.!

Options
simonineaston
simonineaston Posts: 185 Forumite
edited 30 July 2018 at 3:29PM in Credit cards
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...

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Options
    If you want to close the account then yes.

    If not it will likely close through dormancy anyway after XX amount of time
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    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

    :smiley:
  • Vortigern
    Vortigern Posts: 3,243 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    simonineaston wrote: »
    In the past, I've just paid off the amount owing & cut up the card...
    Always check a statement or two after you've paid off the card, otherwise you may be caught by trailing interest.

    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.
  • sparkey1
    sparkey1 Posts: 444 Forumite
    First Post
    Options
    You be better ringing up and asking for a better deal. Some will give you one.
  • cjv
    cjv Posts: 513 Forumite
    Name Dropper First Anniversary First Post Newshound!
    Options
    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.
  • jeffroswald
    jeffroswald Posts: 8 Forumite
    Options
    cjv wrote: »
    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.

    I just call them up and cancel when I snip it up! Never heard of writing.

    Good idea to check they've cancelled it though. Never thought o that.
  • Vortigern
    Vortigern Posts: 3,243 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    jeffroswald wrote: »
    Never heard of writing.
    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.

    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.
  • simonineaston
    simonineaston Posts: 185 Forumite
    Options
    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!")
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    Some lenders are now withdrawing the issue of new cards by default on inactive accounts. Unless the account holder notifies them to the contrary. .
  • Vortigern
    Vortigern Posts: 3,243 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    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.
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards