Don't Throw Out Your Credit Cards Yet, First Pick Up Your Phone

Cutting Credit Cards

Yesterday I decided to get rid of two credit cards. These two cards were in my wallet for long and I never used it. As I was calling customer service to close my account, my friend (who was next to me) suggested just to throw out my cards. He said he never bothers to call because it is a waste of time.

Many of us do the same thing. A lot of us don't realize that if you do not call your card company and close your account - your account will remain active and it will appear on your credit reports as a credit. So if you opened accounts here and there years ago just to get10% discount and forgot about it, chances are high that's what making your credit reports lengthy. We don't know how many credit cards we have and all these accounts appear on our credit reports and creditors might not like having too many accounts. So before you throw out your credit card next time, make sure you pick up the phone and call your credit card company to close your account first.
First Published: Mar 29, 2007