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
 
Bednarz John Attorney At Law
(480) 507-6677
3651 E Baseline Rd
Gilbert, AZ
 
Sun Country Credit Union
(623) 975-2100
19436 North R H Johnson Blvd
Sun City, AZ
 
The Credit Pros
(928) 420-9352
1183 Luane
Prescott, AZ
 
Private Debt Solutions LLC
(480) 443-0313
15115 N Airport Dr Suite 5B
Scottsdale, AZ
 
Law Office Of Randall J Craig PLLC
(480) 767-0400
9449 N. 90th St. Suite 207
Scottsdale, AZ
 
Heartsong Healing
(928) 300-6648
PO Box 4023
Sedona, AZ
 
Only in Sedona / Sedona Psychic Wisdom
(928) 203-1194
PO Box 3294
Sedona, AZ
 
Verde Valley Guidance Clinic
(928) 634-2236
8 Cottonwood
Cottonwood, AZ
 
Hendrix Law Office
(480) 507-0908
770 N Monterey St
Gilbert, 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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