posted on March 14, 2002 11:39:48 AM new
Some time ago I acquired a Visa from NextCard. In case you haven’t heard this is one of the latest Internet CC companies to skid into oblivion, they are on a short leash with the FDIC and they just laid off most of their workforce. Their stock is about to be delisted. My question is what to do with my account. I paid off my balance and really don’t need the card at this time.
I think it might be wise to close the account. I’d hate to use the card and find it won’t be honored anymore. Any thoughts?
posted on March 14, 2002 11:49:06 AM new
Just to be safe, cut the card up and write a letter stating that you are closing your account and mail the letter and the cut-up card to the address in your cardholder's agreement. Just cutting up the card and throwing it away doesn't close your account with the company...check your agreement.
posted on March 14, 2002 11:51:38 AM new
If you do decide to close your account, be sure to write the credit card company and tell them to please note on your credit report that the account was "cancelled at the request of the user."
If you don't, prospective creditors might believe it was cancelled by the credit card company for some fault of yours.
posted on March 15, 2002 08:58:07 PM new
Also have the CC company send you a letter stating you closed the account. Retain the letter for CC report purposes in case there is a problem later with your CC history.
