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When you close a credit card, there are a few steps you need to take so you can protect your credit score. Also, you don’t want to lose any credit card rewards when you close your credit card account. Here are a few tips to make sure you close your credit card correctly
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15 comments
Keep it up with the great and helpful information, thanks so much bro, I am a subscriber starting today and I will be smashing that like button, great video 👍🏼
Currently all what i've is no annual fee so i won't close any of them even though two of tham are secured.
the new year poses some interesting options for me, first in January my hard inquires will be down to two. Then in May, I have to make a decision whether to keep my Amex account or upgrade or close, it is the green card, it really doesn't fit my lifestyle I got to start a relationship with Amex, 2 years. Them in the middle of the year I do have a credit building account with some other bank that will have a 3-year relationship with, but there is an annual fee of $75.00 This account I will close. Then in August, I will be out of 5/24. Then I will be applying for a new chase card which one? I have an amazon visa which is a Chase account so building this relationship with Chase I don`t think I will have a problem with which card I apply for?. Back to my Amex account I have a lot of points and I like their product but! They're not accepted everywhere. I don't
know what it is but the Mastercard brand just doesn't interest me. nor does Citi Bank.So what do you think?
Thanks for another useful video. It would've definitely been helpful 2 years ago when I closed my AmEx Delta Gold card. Like a total noob, I didnt move my credit line before closing it. At the time I was leveraging my Chase Freedom 0% intro APR to get myself thru school so I kept a balance on it. As a result of the closed card, my score dropped as expected. But it dropped way more than I expected because my utilization increased. Hope there are some new people watching so they don't make my mistake. Thanks Dustin 🙏🏽
Thanks for the video! I'm going to cancel my amex platinum because I just got approved for the schwab platinum. If they give me a good retention offer, maybe I will keep it for another year.
If you "Down Grade" a card are you still able to get any sign up bonuses they were offering for the new card?
Does the barclays aviator red, have a downgrade option?
I'm a fan of closing cards . Because downgrading/Upgrading will make you exempt for the Bonus. Plus you have to manage that card (you only have so many Netflix/small accounts to auto deduct) . If your not a big spender , bonus after bonus is the game..Just wished he would have mentioned when to close the account with out fear of the CLAW…Is 16 month optimal ?
I am closing my Platinum, but have the Gold and Green so my MRs stay put. I put very little spend on the Platinum, so I don't see a retention offer coming.
Great tips Dustin!
Great video. I closed bofa Alaska card after churning the bonus. Now I can’t get approved for bofa virgin Atlantic card.
Who cares about taking a hit to your credit score? Instead of asking how to maintain a high credit score, you should be asking "how do I become wealthy"? Having a high credit score doesn't mean that you're wealthy. It just allows you to buy things that you don't have the money for, so that you build credit which gives you the opportunity to borrow money, and then pay it back, so that you have the opportunity to borrow money, and then pay it back, so that you have the opportunity to borrow money, and then pay it back. It's a dog chasing his tail.
Again, useful information. I was thinking about this just last night. Thinking the best way to cancel the cards is (if needed) to downgrade it to a no fee card and then just not use it. Allow the CC company to cancel it for you. Then, after a couple of years apply for it again. If they ask, respond with "You canceled the card, not I. Why did you cancel it — Oh, I was going to use the card, but since you had it canceled … ."
I closed a secured credit card that i had for 7 plus years, and my credit score went down 50 points. Never close your credit cards.
Great video, super helpful! I’ve just almost completed spend for my companion pass with Southwest but opened both business cards to get it done. Any idea if there are downgrade paths on the southwest cards? Thanks Waller’s wallet!