Credit Card Cancellation Flagstaff AZ

A credit expert explains why canceling your credit card may not be such a good idea.

A New Beginning Credit Consulting
(480) 695-6435
P.O. Box 30522
Flagstaff, AZ
 
Law Office Of Randall J Craig PLLC
(480) 767-0400
9449 N. 90th St. Suite 207
Scottsdale, AZ
 
Global Debt Solutions
(480) 429-3807
7201 E Camelback RD
Scottsdale, AZ
 
Sun Country Credit Union
(623) 975-2100
19436 North R H Johnson Blvd
Sun City, AZ
 
Health Care Credit Solutions
(480) 281-8600
6720 N Scottsdale Rd
Scottsdale, AZ
 
Kersting Zalena M Atty
(480) 345-2300
633 E Ray Rd
Gilbert, AZ
 
Bednarz John Attorney At Law
(480) 507-6677
3651 E Baseline Rd
Gilbert, AZ
 
MoneyQuest Corporation
(602) 799-4155
Po Box 5267
Peoria, AZ
 
Finefrock Law Firm Pllc
(480) 584-4886
770 N Monterey St
Gilbert, AZ
 
West Valley Mediation Center
(623) 412-2508
6670 W Cactus Raod, Ste A-102
Glendale, AZ
 

Credit Card Cancellation

Provided by:

Dear YOUNG MONEY,

I am 20 years old and got my first credit card about a year ago, and have been responsible with it (always paying on time, never going over limit, etc) right now I have zero balance on it. The card I have is a Citi Credit Card and the APR is 19.99%.

Just recently I applied for a card through my work (I work for USPS) and got approved. Now I have a Chase Credit Card with a low APR of 9.99%.

I don't need two credit cards. I would prefer the Chase one with the lower APR (through my job). Is there any way I would be able to cancel the Citi on and just keep the Chase one? Or would that look bad on my credit report?

I haven't used the Chase one yet. Also, if that were the case, and I quit my job, would I still be able to use the card with its low APR even though I am no longer working at my job? I have zero balances on both right now. Thanks for your time.

Megan

 

Hi Megan,

Good questions.

I would advise you NOT to close the Citi Card. The length of time that you have accounts open helps boost your credit score. If you cancel the Citi Card, which is your right if you choose to do so, you lose that year of good, responsible use of the card.

I would urge you to call Citi and ask for a lower interest rate. They will see that you have the Chase account and may lower your interest to give you an incentive to use the card. If the high interest card has an annual fee, I would also ask that it be removed....


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