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You must notify the lender to close a credit card account

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Topics addressed on December 12, 2007:

You must notify the lender to close a credit card account

Dear Max,

How do I get all accounts that are paid off to say they are closed? Some date back to 1982. I have about 25-30 old accounts that say “revolving account” not “closed.” When I applied for a new mortgage they said I have "too many revolving accounts!”

- ALF

Dear ALF,

A revolving account is a credit card. You can carry a balance, or revolve, from one month to the next as long as you make a minimum payment. You also can have a zero balance with the account still open. I suspect that is what is happening in your case.

Although they have zero balances, the accounts still are open and active. You could make charges with them if you wanted to do so. In order to close the accounts, you must contact the credit card providers and ask them to close the accounts.

When they do so, the account status will be updated to “closed” in your credit report. Don’t close all of your cards, though. Keep a few open so that your balance-to-limit ratio remains low.

“Paid” is a term that refers to installment accounts such as mortgage loans or auto loans. A loan is made for a specific amount. You then make a specified payment each month until you repay the principle and interest on the loan. At that time the loan is considered paid in full and will show as “paid” on your credit report.

Thanks for asking.

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