When you close a card, your total available credit shrinks, which can increase your utilization ratio if you carry balances on other cards, potentially lowering your score. Closing a Chase credit card involves more than simply cutting up the plastic and filing the account away.
How to Cancel Your Chase Credit Card Account Safely and Correctly
Confirming the Closure Once you have spoken with the representative, do not assume the process is complete. Even if you plan to transfer the balance to another card, you must clear the debt with Chase to satisfy the terms of the closure.
Failure to do so can result in the account going into collections, which is a severe negative mark on your credit report. Log into your account online or via the Chase app to review your balance and redeem every eligible reward to ensure you do not leave money on the table.
How to Cancel Chase Credit Card Account and Confirm Closure
Closing an older card can shorten the average age of your credit history, which lenders use to gauge your experience managing credit. " Action Reason Redeem rewards To avoid losing unused value Pay off balance To prevent interest and collection issues.
More About How to close credit card chase
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