Cancel a bank credit card you have applied for by completely paying off the balance, notifying the issuing financial institution by phone and following up with a written confirmation of the cancellation request, advises Bankrate. After you cancel the account, check that your credit report properly records the cancellation.Continue Reading
Before canceling a credit card, you should stop using it and make payments until the balance is zero, as some card issuers raise interest rates to maximum when they learn that customers are canceling cards, according to Bankrate. When card holders call to cancel, operators often refer them to customer service representatives who try to persuade them to retain the cards, so those convinced that cancellation is necessary must remain steadfast. The formal follow-up letter should include your name and address, the financial institution's name and address, a reference to the credit card account number, and a brief note detailing the date you made the cancellation request by phone. It should also emphasize that your credit report should note that the cancellation was at your request, states About.com.
About 30 days after canceling the credit card, get a copy of your credit report to verify that the issuing institution removed the account, advises Bankrate. If the credit report contains a mistake, you must call the customer service department of the financial institution and follow the call with further letters until they rectify the error.Learn more about Credit & Lending