Now that MBNA is no more, what is the best way to close the account? By snail mail letter? By phone call? By both?
Does it look better if I close the now paid off account? Or leave it open and as there is no card just letting it go?
Deciding against trying for a 0% interest card, I will be socking it heavily to barclaycard. I want them GONE because of their crud. I ePaid $100.00 for today and will pay something like $75-120 per payday – depending on my hours and such- until it is gone!!!
My next 2 smaller bills are Target $307.66, which I plan to get gone quickly too… and a Kirby vacuum Financed through United Consumer finance ($260.00), I have only 5 more payments on it and then it’ll be gone too.
Target can be closed too, once I’ve paid it, and the vacuum is a set account which will be gone the day they are paid the final on Oct 30, 2016.
I was reading where someone said to notify the creditor that you wish it to be ON RECORD that YOU asked to close the account. That is why I am asking about the best way to do this.
It’ll be so good to be out from this dang trap, I feel so ‘clean’ right now having one down and finished on this day YAY!!!!
I closed QVC and Firestone by calling the Credit Bureaus individually and asking them to “close at consumers request”. That way it is worded that I initiated it instead of the Creditor initiating it. A week went by then I decided to call both Creditors. I told them that I told the Credit Bureaus and did not know if I should tell them (the Creditor) too. Both Creditors sent me letters stating that they closed the accounts at “consumers request”. They were reported “closed by consumer” within a month.
There are two schools of thought. On is the Dave Ramsey way — close everything to have no debt. The other is too keep them open to help the B/L ratio and hence the FICO Score. If you think that you would someday you would like to redo the interest on a Mortgage, or get a home equity loan or want to get “one” good card, I would leave it open to help the score B/L ratio. If the accounts are closed, they with still help for the overall age of the credit file info. Also if they are not used for 6 months, they become inactive and stop helping the score too. The longer the better.
It is up to you.