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Is it ok to close CC's this way?

Frequent Contributor

Re: Is it ok to close CC's this way?

Just to add to this, I think the OP was worried about closing them prior to the balance reporting as $0. I believe the CCC will report the card closed with $0 next month when they update the CRA. You should be good to go.



Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
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Message 11 of 16
Contributor

Re: Is it ok to close CC's this way?


_jb_ wrote:

Just to add to this, I think the OP was worried about closing them prior to the balance reporting as $0. I believe the CCC will report the card closed with $0 next month when they update the CRA. You should be good to go.


Thanks exactly what I was trying to figure out. 

{NFCU-25k}{Saphire-15k}{Duck-15k}{BOA-12k}{DCU-10k}{Slate-7200}{Simplicity-$7200}{USAA-6k}{DiscoverIT-5k}{CitiTY-$4100}{AmexBCE-$3500}{Venture-$3000}{WalmartDisc-$2600}{Merrick-$1200}{AmazonVisa-$1650}{Cap1-$600}
1/1/14 [Experian-Fico 747][TU-Fico744][Equifax-Fico766]
Message 12 of 16
Super Contributor

Re: Is it ok to close CC's this way?

Never....... ever......... close an account with a balnace...close it after it shows $0 balance

If you close with a balance you will see a Fico scoring ding....

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 13 of 16
Contributor

Re: Is it ok to close CC's this way?


myjourney wrote:

Never....... ever......... close an account with a balnace...close it after it shows $0 balance

If you close with a balance you will see a Fico scoring ding....


Thats what I did. I paid it off to a zero balance, I just didn't wait until it reported. It will show a zero balance when it reports. The reason I did it this way is because my First Premier cards charge monthly fees and i was sick of it.

{NFCU-25k}{Saphire-15k}{Duck-15k}{BOA-12k}{DCU-10k}{Slate-7200}{Simplicity-$7200}{USAA-6k}{DiscoverIT-5k}{CitiTY-$4100}{AmexBCE-$3500}{Venture-$3000}{WalmartDisc-$2600}{Merrick-$1200}{AmazonVisa-$1650}{Cap1-$600}
1/1/14 [Experian-Fico 747][TU-Fico744][Equifax-Fico766]
Message 14 of 16
Established Contributor

Re: Is it ok to close CC's this way?


myjourney wrote:

Never....... ever......... close an account with a balnace...close it after it shows $0 balance

If you close with a balance you will see a Fico scoring ding....


By balance i believe he is refering to on his CR. Also  with FP they didn't try anything funny when I close my acount with them years ago. Just watch to make sure no fees appear on the account which could go unpaid ,and result in being reported late.



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Message 15 of 16
Super Contributor

Re: Is it ok to close CC's this way?


toppers555 wrote:

myjourney wrote:

Never....... ever......... close an account with a balnace...close it after it shows $0 balance

If you close with a balance you will see a Fico scoring ding....


By balance i believe he is refering to on his CR. Also  with FP they didn't try anything funny when I close my acount with them years ago. Just watch to make sure no fees appear on the account which could go unpaid ,and result in being reported late.


Thanks topper you are correct (CR)

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 16 of 16