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Readers Respond: Why Would You Close a Credit Card?

Responses: 53

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Closing a credit card might hurt your credit score, but getting rid of a bad credit card might be good for the future. Why did you close your last credit card? Share Your Reason

temporary relocation

I will be living in Japan 2 years starting March 5. I do not want department store credit cards open while I am out of the country so I do not need to monitor them and do not have junk mail at the parents' address on the card.
—Guest Lora L Lakin

Never needed to use it

surely NEVER ever having needed to use is a valid reason for not having credit cards
—Guest fionalevison

You Don't Need Credit Cards

No credit needed for good credit scores, I've never had any card, I'm 37 bought my house with 20% down with cash I SAVED and had a credit score of 790, now 5 years later it is around 840.... I've never needed a credit card, cash rules
—Guest Ben Bernaky

Average limit

Low credit limit was hurting my average credit card max. Not sure why this is important... but my card average is under 2000. The smaller limit cards are dragging my average down...
—Guest joseph

I love to shop!

My Husband made me do it! So, I had no choice but to call up my credit card company and cancel my cards. I love to shop!
—Guest Roxie

leehaw

We recently re-fi'd our home. Out interest rate was raised because the Lender said we had too many credit cards (all of which had a zero balance). If I am reading your post correctly you are advising us to open more credit card accounts. People should know Lenders do not like many cardit cards on your credit report, in our case 5.
—Guest leehaw

cheebcrazy

I close department store cards as soon as they hit 0. I always feel like they are the easy prey for hackers and ID thieves. I actually knew someone who was caught buying department store credit card numbers from an employee at the store. Anyway, when they try to talk you into keeping it, tell them you have 2 monthes to live, and going out with a balance is fine with me if its fine with you. They give up immediately every time.
—Guest Tim

Ready to Move On

I went through bankruptcy a few years ago and needed to rebuild my credit. Used the Orchard card to do this. My credit is better and I don't like paying an annual fee.
—Guest linda

When you should Absolutely close....

...a credit card with a balance. On occasion if your credit card provider decides, for whatever reason, to change the terms of your credit card [Traditionally in a way that adversely effects "you"]; you “ABSOLUTELY” should close the card to keep those terms and conditions from changing. You signed up for a credit card under XYZ terms. If your provider decides to “stick it to you” you have every right to cancel that card locking in the original terms.
—Guest Too DUMB

Account hijacked from Visa to Mastercard

Citibank hijacked my VISA account to MasterCard, without advance notice, raising the interest rate, eliminating the rewards program, and zeroing my accumulated rewards. I had good credit, and was never late with a payment. I called Citibank to complain and they invited me to RE-APPLY for a new account! I cancelled the (new) card immediately. TWO YEARS LATER, they honored a fraudulent charge made in a foreign country on the old cancelled VISA account number, and attempted to get me to pay it!
—Guest Guest Artist

Jokers Wouldn't Increase Credit Limit

I closed my credit card which had £500 limit and had never used it since my college days. Now that I asked for £2000 which savings of £90k and annual income of more than 40k they refused! Jokers. These guys deserve people who go bankrupt on their credit. I closed it immediately. Never used it anyway. 5 more years and I will buy house without mortgage from bank lol.
—Guest ash

Divorce

My new wife doesn't think it's a good idea to have a joint credit card with my ex-wife.
—Guest Matt

lost track of maths/ time, head in sand

Had 15 creditcards in past until could not see end of my debt tail. got trapped by not realizing different " monthly "( actually 28-30 day )statement dates which obviously didn t rotate with payday but with 28 day card/bank/creditor cycle. So planning was impossible, onc I realized that soon got organized, kept track of every penny in/ out in ALL fin products and slowly saw light of financial day again. basic discipline and small positive equity each month enough to get overpaying and getting rid of debts. basic. simple. worked!
—Guest George, UK, Manchester

UNFAIR LATE PAYMENT PENALTY

I PAID MY CARD ON THE DAY IT WAS DUE. THEY SAID IT WAS LATE BECAUSE IT WAS AFTER 3PM. I TOLD THEM IF IT WAS PAID ON THE CORRECT DATE THEY HAD TO ACCEPT THE PAYMENT AND LOOSE THE FINE. THEY REFUSED SO I TRANSFERRED TO ANOTHER CARD AND PAID IT OFF. I TOLD CHASE BANK TO NEVER CONTACT ME AGAIN AS I WOULD SUE THEM.
—Guest ginaalex77077

Non-use

Have a credit card that I NEVER use, but is costing me $3 per month in annual fee. They won't allow me to pay the fee in a lump sum and it only has a $2000 limit.
—Guest Annette

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Why Would You Close a Credit Card?

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