If you want to cancel your Discover Card, there are several options available. You can choose to close your account for a variety of reasons, including an unsatisfactory product or a poor credit score. In either case, it is important to remember to check your credit report after closing your account. In addition, you should not apply for multiple credit cards to avoid lowering your score.
Check your credit report after canceling a credit card
If you are planning to cancel your Discover credit card, you should know how it can affect your credit score. Specifically, it can decrease your average credit history length, which is worth 15 percent of your FICO credit score. In addition, closing your card can raise your credit utilization rate, which makes up 30 percent of your score.
Thankfully, Discover credit cards do not charge an annual fee. This makes them ideal for regular spending and bills. Moreover, they come with a dollar-for-dollar match program, which means you will double your rewards after the first year. Moreover, you may wish to close your account for various reasons. For example, you may have gotten divorced and need to close your joint account with your former spouse. Another reason might be that you are simplifying your financial life and want to minimize your debt.
It is best to check your credit report after closing an account, especially if you do not use the credit card often. In order to minimize the impact, you should consider other alternatives to cancelling the account, such as asking a trusted family member or spouse to keep the card. In addition, you can also move your line of credit to another card with the same bank.
Do not close your Discover card if you have a bad credit score
If you have a bad credit score, you should not close your Discover credit card. Closing a credit card can negatively impact your credit score, especially if the card has a high credit limit or is one of the oldest. Luckily, there are ways to avoid closing your Discover card.
The first step to reopening your account is calling the card issuer and explaining your situation. Then, ask for written proof of your last payment. It could be a check or even a certified mail receipt. If you cannot produce the paperwork, you can’t expect your credit card issuer to reopen your account.
Another good reason to keep your Discover card open is that it does not charge an annual fee. If you use it at least once per year, you’ll reap the benefits of having a credit card that allows you to build credit. Many credit card companies will give you a statement credit for accumulated miles.
Do not cancel your Discover card if you have a Capital One credit card
Discover and Capital One both offer credit cards with cash back rewards and 0% introductory APRs. They also offer cards for students and people with no credit history. If you’re considering switching to a new card, make sure to compare the features and benefits offered by each.
Discover cards offer a variety of benefits, including no annual fee and low maintenance fees. They also do not charge penalty APRs and have no foreign transaction or overlimit fees. Their only fee is $41 if you’re late on two payments. This makes them attractive to first-time cardholders and people trying to build their credit.
If you’re looking for a cash back credit card, the Discover credit card might be the best choice. The rewards program is more lucrative than most, and after the first year, the cash back can double. You can redeem the rewards in the form of gift cards, cash back, or statement credits. However, the Discover credit card is not without its disadvantages. Before canceling your card, make sure to call the credit card company to find out what went wrong. It’s likely that the representative closed your account by mistake. Alternatively, a computer glitch is to blame.
Read also:
- How to Cancel Credit Card Easily
- How to Cancel a Greenlight Card In 3 Easy Steps
- How to Cancel a Chase Credit Card
