Credit Card Cancellation Coalinga CA

A credit expert explains why canceling your credit card may not be such a good idea.

Law Offices of Thomas Chapin
(909) 241-5154
4129 Main St Suite B7
Riverside, CA
 
Assist U Practice
(562) 984-2024
4401 Atlantic Ave
Long Beach, CA
 
Bydesign Financial Solutions
(800) 750-2227
2291 W March Ln
Stockton, CA
 
Lockheed Federal Credit Union
(818) 565-2210
2340 Hollywood Way
Glendale, CA
 
Get Great Credit LLC
(916) 503-3186
1215 K St Fl 17th
Sacramento, CA
 
Richard L. Poland
(562) 437-6418
333 W. Broadway Ste 200
Long Beach, CA
 
Clear Credit Exchange
(408) 727-7711
1650 Zanker Rd Ste 131
San Jose, CA
 
The Golden 1 Credit Union-CSUF
(559) 454-7651
5280 N Jackson Ave
Fresno, CA
 
Community Housing & Credit Counseling Center
(530) 891-4124
1001 Willow St
Chico, CA
 
Educational Employees Credit Union
(559) 437-7700
2222 W. Shaw Ave
Fresno, CA
 

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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