That said, this is not likely to be an immediate impact, at least not when considering the FICO scoring model. Depending on how long you’ve had the Chase credit card account open, closing the card could hurt your score. By keeping your oldest accounts open, you’ll maintain a higher average age and a better impact on your score. Having older accounts in good standing can have a positive impact on your score. The average age of your accounts makes up 15% of your credit score. Average age of your accounts can decrease If you pay off the $500 balance, then close one of your credit cards and again charge $500 on the remaining card, since you only have $1,000 of available credit, you’ve used up 50% of your available credit. This causes your credit utilization to increase, which lowers your credit score.įor example, if you have two credit cards, each with a $1,000 limit and you charge $500 on one of them, you’ve used up 25% of your total available credit. When you close a credit card, it reduces your total available credit by the amount of that card’s credit limit. This factor makes up 30% of your credit score. Your credit utilization is the ratio of outstanding balances versus the total available credit limits across all of your cards. Here’s what can can happen when you close your account: A negative impact on your overall credit utilization The size of the impact depends on several factors, including your overall credit history, the age of the card and the card’s credit limit. Westerville, OH 43086 Will closing my Chase account affect my credit score?Īny time you close a credit card, your credit score is affected. Mail a letter with your full name, account number and reason for closing your account to: This method is the slowest of the three options (it’s called snail mail for a reason), and you won’t receive an immediate answer to your request. If you prefer to write a letter and send it via postal mail, this is another option to close your Chase credit card. Customer service will respond with confirmation that your account has been closed, or they may ask for additional information. Send a message stating that you’d like to close your account with a brief explanation of why. Select the option that says “I have a question about one of my accounts,” and then choose the credit card you want to close. Send a secure message onlineĪ faster option for closing your Chase credit card is to send a secure message through your online account or the Chase mobile app. If you decline those options, they’ll help you close your account. ![]() They may suggest alternatives to keep your account open. When you speak to the customer service agent, let them know that you’d like to cancel your card. If you cannot find your card, you can call Chase credit card services at 80. Call customer serviceĬall the Chase customer service phone number, which is located on the back of your credit card. You can cancel your card at any time in one of three ways: 1. We’ll explain the details below.Įarn rewards on your spending: The best credit cards 3 ways to cancel your Chase credit card It’s helpful to understand your options and how your decision can impact your credit. Your card will not automatically be canceled just because you stopped using it. If you’re ready to cancel your Chase credit card, you need to take action. ![]() While Chase has many attractive credit cards offering valuable rewards and benefits, there may come a time when the card you’ve been using is no longer a good fit.
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