topic Process for Axing a Card - FP in Credit Cards

Process for Axing a Card - FP

Anonymous — Wed, 09 Mar 2011 16:44:45 GMT

I have taken several pictures of the process of destroying the card. I have not seen anyone post a youtube link to a video done for this process and am not sure it would fit within the guidelines.

If that would be prohibited (posting the link), please let me know.

Question:

What is the process for closing the card appropriately?

1) Pay off balance

2) Wait for post to statement and to CR?

3) What about monthly fee?

4) Send letter to FP certified?

5) Do happy dance (post youtube video???

Re: Process for Axing a Card - FP

Anonymous — Wed, 09 Mar 2011 16:48:19 GMT

I was so thrilled to destroy the card I forgot to record it! DANG NABBIT!!!

Re: Process for Axing a Card - FP

Anonymous — Wed, 09 Mar 2011 16:50:56 GMT

There surely is a certain pleasure in taking the scissors to the card. I took pictures of the card before, the scissors, and the process of cutting them, even spelling out an appropriate word, and finally, the confetti mixture at the end.

I'm going to set the pictures to the "chicken dance" song and post on youtube.

Now, how do I make sure I close the account appropriately?

Re: Process for Axing a Card - FP

Anonymous — Wed, 09 Mar 2011 16:56:57 GMT

I called them....and told them I wanted to close it. Sent the payment in, and Kazaam....0 Balance.....Closed!

Re: Process for Axing a Card - FP

Anonymous — Wed, 09 Mar 2011 16:58:33 GMT

Have you verified that on your CR?

I read a horror story on here how there was still a balance remaining. Just wanting to be overly cautious

Re: Process for Axing a Card - FP

Anonymous — Wed, 09 Mar 2011 17:05:54 GMT

It hasn't reported yet, but in the last year, only a $9 balance showed up every month anyways because I have been PIF, so the monthly fee and a $3 monthly charge I had were the only things reporting. I have verified my account is now $0 though....

Re: Process for Axing a Card - FP

vish1 — Wed, 09 Mar 2011 18:37:58 GMT

@Anonymous wrote:
Have you verified that on your CR?

I read a horror story on here how there was still a balance remaining. Just wanting to be overly cautious

Unless you are in a hurry to close (say AF coming up or sumth similar), you should PIF and wait for atleast 2 $0 statements (you never know when old interests will popup) and then close the card (again enusre the AF is not coming up soon).

I would start 3-4 months before AF to be sure.

Re: Process for Axing a Card - FP

haulingthescoreup — Wed, 09 Mar 2011 21:33:04 GMT

Make sure to call them back and ask for a letter that the account is closed with a $0 balance. Keep the letter in a safe place, because ya just never know.

Re: Process for Axing a Card - FP

DI — Wed, 09 Mar 2011 23:15:12 GMT

@haulingthescoreup wrote:
Make sure to call them back and ask for a letter that the account is closed with a $0 balance. Keep the letter in a safe place, because ya just never know.
To add to what hauling said, make sure the closed account says 'close by consumer' when its updated with the CRAs.

Re: Process for Axing a Card - FP

laz98 — Thu, 10 Mar 2011 00:39:56 GMT

i just emailed them

Re: Process for Axing a Card - FP

FicoScore626 — Thu, 10 Mar 2011 09:13:25 GMT

What if you have a credit balance remaining when you close the account? Will they keep that or refund it? Only asking because when I finally do close the account I plan on overpaying a little just so all bases are covered and no surprise monthly charges appear after the account gets closed..

Re: Process for Axing a Card - FP

ILBrian — Thu, 10 Mar 2011 17:06:22 GMT

I would ask them to provide an exact pay off amount, they have to refund the money but if they provide the exact payoff with accured interest it should be 0

Re: Process for Axing a Card - FP

Anonymous — Thu, 10 Mar 2011 17:56:18 GMT

@FicoScore626 wrote:
What if you have a credit balance remaining when you close the account? Will they keep that or refund it? Only asking because when I finally do close the account I plan on overpaying a little just so all bases are covered and no surprise monthly charges appear after the account gets closed..

They will send you a check. I had a $6.00 credit when I called to close mine, and I got the check 3 weeks later. Not sure why all the drama of closing an FP card...no different than any other card.