How to Close Out Joint Credit Card Accounts
Joint credit card accounts are credit card accounts that were opened by two parties, making each person equally responsible for paying off the balance. Both parties' credit reports were checked before the credit card was granted, so the credit-granting bank was convinced that each party was financially responsible.
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Things You'll Need
- Contact address and phone number of credit card company
- Account number of account being closed out
Instructions
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Closing Out Joint Credit Card Accounts
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1
Collect statements from all credit card accounts that you wish to close. Check to make sure selected credit card accounts have low or no balance. If there are balances, make arrangements to pay them off. Make sure the joint account holder agrees with closing out the account. You cannot close out an account that someone else is actively using.
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2
Draft a letter to each credit card bank where you wish to close an account. Show the correct and complete account number, and state that you wish to close out the account. List both of your names and Social Security numbers, ask that the account(s) be reported on your credit reports as closed, and ask for a letter of confirmation of the cancellation. As a precaution, call the bank or check online to see whether any charges have been added since your last statement.
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3
Sign and date the request letter and have your joint cardholder do the same, then make a copy for your records. Mail it return-receipt requested so you will know it was received. Cut up the cards and destroy them to prevent anyone else from using the account before it is actually canceled.
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Tips & Warnings
Go to myfico.com to the Suze Orman package. This is a kit for sale contains a "What If Simulator." You can use this tool online for a year. It will show you what paying off accounts will do for your scores. This allows you to maximize your payoff dollars by using them on accounts to raise your scores the most, and avoiding the ones that injure scores.
When paying off and closing out credit card accounts, it is best to keep your oldest accounts and close out the newer ones. Longtime accounts with good payment histories have a positive effect credit scores.
