Process for Axing a Card - FP

[Anonymous]

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???

[favre_2_free]

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

[Anonymous]

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?

[favre_2_free]

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

[Anonymous]

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

[favre_2_free]

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....

[vish1]

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@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

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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.

[haulingthescoreup]

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.

[DI]

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@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.

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To add to what hauling said, make sure the closed account says 'close by consumer' when its updated with the CRAs. 

[laz98]

i just emailed them