Tag Archives: close credit card

Should I close cc acounts that I haven’t used in a long time (or will use)? – Sarah

I have 5 credit cards that I no longer use and have carried a zero balance for 3 yrs. Should I close them? If I do, will it affect my credit score and/or my ability to secure a loan in the future (if I need a loan)? I currently have 3 active (revolving) credit cards [...]

What Happens When I Cut Up My Card And Mail It Back to the Bank? – Chris

“Ok Steve, let’s rock. If I cut my credit card up and mail it back to the bank, thus canceling the account, do I have to pay off the card’s outstanding amount in one lump sum, or can I continue making monthly payments? Chris” The Answer:   Dear Chris, You will not need to make [...]