Cancelling credit cards

Forum|Forum|5 years ago
June 9, 2020
2 replies
0 views

Paying off several credit cards. Increasing score and reducing debt. After the final payment on a card, when I see it's cleared, when is the best time to cancel it?

Thank you

Best answer by Anonymous_

You might want to read the information available at the following links.

https://www.creditkarma.com/credit-cards/i/how-to-cancel-credit-card/

https://www.experian.com/blogs/ask-experian/will-closing-a-credit-card-hurt-your-credit/

Anonymous_Answer

Employee

You might want to read the information available at the following links.

https://www.creditkarma.com/credit-cards/i/how-to-cancel-credit-card/

https://www.experian.com/blogs/ask-experian/will-closing-a-credit-card-hurt-your-credit/

Mon1955key_

I am a Turbotax user since it first became available, and have used it with pleasure for decades to file my US 1040 form from Switzerland where I worked and now reside in retirement. I'm a US citizen with a US bank account and US credit cards that I have used over the years to pay my Turbotax fees. Now I discover that due to my foreign address used on my tax return Intuit will for the first time not even accept a pre-approved payment charge with either my USAA Visa card or my US bank Visa debit card. I presumed that this year I could pay using my IRS refund. Now I discover that this is also impossible. How can I proceed with electronic filing of my finalized 2021 tax form? Also payment of my TAXES owed.

HeatherPLO

@Mon1955key_

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Opus 17

Employee

If you are mainly concerned about your credit score, you should not cancel your credit card accounts once they are paid off, unless that is the only way to prevent yourself from overusing them again. Having credit accounts that are open and unused will usually improve your credit score. If you do want to close some accounts, close the youngest ones and leave the oldest ones open and unused.