How to Cancel Old Credit Cards

To help manage your credit efficiently and effectively, you may want to cancel your old credit card accounts if you are not using them anymore. Once accounts are canceled, you don't have to worry about anyone stealing your account information. A simple procedure lets you cancel your credit cards. After an account is canceled, make sure you receive confirmation from a representative. Be aware that a canceled credit card can have a negative impact on your credit report.

Instructions

1. Gather all of your credit card accounts together. Review the accounts to see which ones should be closed out. Look for the customer service phone number on the back of your card. If you have a statement, the phone number will be listed there as well.
2. Call your credit card company. Speak with a representative in the customer service department. Inform her that you want to cancel your credit card account. A credit card account can be closed even if you have a balance. After your account is closed, make sure you no longer use the card.
3. Be sure that you receive confirmation from the representative. Sometimes your confirmation can be sent by email, while some credit card companies will send you written confirmation. Store this information with your important papers.

Tips & Warnings

When your credit card has been canceled and you have an outstanding balance, the next statement you receive should indicate that your available credit is zero.

When you cancel old credit card accounts, your credit score can be lowered. First of all, you are lowering your available credit. Also, one of the criteria used to calculate your credit score is the length of your credit file. Suppose you have two credit cards. If one account was opened in 1990 and the other in 2009, your credit file starts in 1990. When the account in 1990 is closed, it appears that your credit file was started in 2009. The closed account remains on your credit file, but it is no longer considered in the file's history, assuming these are the only credit accounts on your file.