Can I cancel my credit cards before the balance is paid off?
Hi,
I just got out of graduate school and have a lot of credit card debt on several cards. A few have decent interest rates. It would be great to cancel all but a few and keep paying them off. I don’t want to be tempted to use them in the future. Is this possible, or am I only allowed to cancel once the balance is paid off?
No You cant!!!
you can cancel them before the balance is paid off, but why?
Keep them open. Your credit rating will look better with the lines open. Instead of cancelling them, just cut them up or shred them.
Yes, you can request the issuer to close them, but of course you still owe the balance. This may actually lower your credit scores as your debt-to-limit ratio could increase.
you have to pay yoour debt before the company allows you to cancel th credit card
Call the company and ask, or just cut up the plastic card, then you can’t use it again. duh.
I would not cancel just cut them up if you change your mind you could always have them send you a new.
You have to pay your balance first and then cancel your credit card.
Best thing to do is to transfer as much as you can to the lowest-interest card(s). Then, leave the other cards alone. DON’T CANCEL THEM!!! Just leave them in a safe-deposit box, or just don’t use them.
By cancelling your card, it negatively affects your credit score. No one told me this, and I did EXACTLY what you are thinking about doing. Thought it would simplfy things, and I would have so much outstanding.
I’ve been rebuilding my credit now for over 8 years, and am not yet to 700.
Student loan consolidation is a good idea too, but this also puts a mark on your credit history. They DO NOT list the reason the account/loan was closed.
You most definitely do NOT have to pay off the balance — you can cancel before paying it off, and then just continue making payments. People do it all the time. It is regrettable that people who don’t know the answer insist on answering anyway with bad info.
However, it is also likely your credit history and scores will be better if you leave the accounts open; and even someday increase your credit limits. That will pay off years down the road.
If you don’t trust yourself, then either just cut the cards (without canceling the accounts), or place them in a plastic bag full of water and and put in your freezer to encase them in a block of ice.
You can cancel a card anytime. I closed several of my credit cards not because I was afraid I would use it again but because it the event I moved and I forgot about the credit card and it goes to the previous address where someone may use it. It’s better to be safe than sorry later.