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1. Find Out Why Your Account Was Closed. The first step is to determine why your credit card account was closed. Here are a few of the most common reasons for a closed credit card account:
Credit history: Since the average length of your credit history makes up 15 percent of your FICO score, closing accounts can hurt your credit score in the short term and even over time if you don ...
Once the card balance is zero, you may be able to use the credit card company’s online messaging center to send an email and close the account. But it’s always best to call the number on the ...
After considering the pros and cons of canceling an unused card, you may decide now is the time to close it. Follow these steps to close your card the right way:
How to minimize credit impact when closing an account. While closing a credit card can sometimes hurt your credit, there are ways to minimize the potential damage. Here are some strategies to ...
Closing a credit card account can also impact your credit utilization ratio if you have debt on other credit cards and revolving accounts. This factor makes up 30 percent of your FICO score, so ...
Closing a card lowers your total available credit, so your utilization ratio might increase. For instance, if you have a credit limit of $10,000 across two cards and are using $1,000, your ...
In many cases, banks monitor account activity and decide to cancel unused credit card accounts. In my adult lifetime, I've had about a half-dozen credit cards closed simply because I didn't use ...