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
 
Verde Valley Guidance Clinic
(928) 634-2236
8 Cottonwood
Cottonwood, AZ
 
Slater Lawrence Atty
(480) 497-1330
1400 N Gilbert Rd
Gilbert, AZ
 
Turf Soaring School
(602) 439-3621
8700 W. Carefree Highway
Peoria, AZ
 
Only in Sedona / Sedona Psychic Wisdom
(928) 203-1194
PO Box 3294
Sedona, AZ
 
West Valley Mediation Center
(623) 412-2508
6670 W Cactus Raod, Ste A-102
Glendale, AZ
 
Ruth Ann Burgueno Nutritional Counselor
(928) 282-9540
450 Jordan Rd Ste
Sedona, AZ
 
Karl A Mueller Law Office
(602) 357-0972
1425 S Higley Rd
Gilbert, AZ
 
Imagine Solutions Today IBO
(928) 284-0374
PO Box 20365
Sedona, AZ
 
Private Debt Solutions LLC
(480) 443-0313
15115 N Airport Dr Suite 5B
Scottsdale, AZ
 

Credit Card Cancellation

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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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