There could be many reasons a person decides to cancel their credit card. The process of canceling a credit card typically differs from one company to the next. Consumers who have Chase credit cards have the option of canceling their card over the phone, through the mail, or via the secure messages feature on the Chase website.
Cancel a Chase Credit Card Over the Phone
Canceling by phone is quick and easy. Card holders begin the process by calling 1-800-432-3117 (found by google searching “Chase credit card customer service number”).
The system prompts card holders to enter their 16-digit credit card numbers. Then they are presented with various automated options. Skip the automated options and speak to a customer service representative instead.
Cancel with the representative, and get his or her name and number. Write it down in case the card cancellation does not go through.
Cancel a Chase Credit Card via a Written Request
Those who want to cancel via the mail need to write a short letter that includes their full name and address. The letter should also include the credit card number and a short cancellation request. Ask Chase to notify the credit bureaus that the account was closed by the account holder.
Take the letter to the post office and send it certified. Keep a copy of the letter and tracking information on hand.
Cancel a Chase Credit Card on the Chase Website
Chase doesn’t advertise that people can cancel online via the website, but it is possible. Card holders begin by logging into their accounts. Then navigate to the “Secure Messages” feature.
Write a brief message requesting the cancellation. Send the message, and then wait for a reply. Responses are sent out within 24 hours. The response will likely confirm that the account has been closed. If not, it will include further instructions for the card holder to follow.
Following Up After Canceling an Account
Wait 60 days after canceling your Chase credit card account. Then card holders should pull their credit reports from the three major credit bureaus. Check the report to make sure the card has been canceled.
If it has been canceled, there’s need to do anything else. If it still shows up as active on the credit reports then Chase should be contacted once again. By this time, you should contact the company by phone and speak to a representative.
Impact on Credit Score
Closing a credit card is easy to do, but it should be given some thought before moving forward. It’s important to understand the impact of canceling a credit card before going through the process. There can be short and long-term effects on a consumer’s credit score.
First, card holders must consider their credit utilization ratio which is the ratio of your credit balance to your credit limit. When card holders close credit card accounts, their available credit will drop, so theoretically, their utilization ratio should increase. This could potentially drop a credit score under certain scenarios. Ideally, a credit utilization ratio should be around 30 to 40 percent at maximum.
Second, closing a credit card also impacts the length of credit history. Closed accounts eventually fall off credit reports and are no longer factored in when determining the length of your credit history. Length of history is incorporated into credit score, so theoretically, it should change if you close an account.
If your Chase card is the oldest credit card by a big margin, then your credit score could change considerably under certain conditions. However, if it isn’t the oldest card or if it’s only the oldest card by a couple of years, this isn’t that big of a deal. Consumers will be able to build up a credit history with other cards.
Third, the mixture of credit should also be considered. Credit scores are impacted by the mix of credit. A bit of diversity is taken as a positive signal. Card holders who have other credit cards don’t need to worry about this. However, if it is their only credit card, it could negatively impact your score if you take out that component of credit.