What Happens When You Close a Credit Card

What Happens When You Close a Credit Card


When you close a credit card, it doesn’t fall off your credit report right away. If you're still making monthly payments on a credit card balance, your payment history will continue to be updated each month until the balance is paid off and the credit card issuer stops sending monthly updates for that account. Any payments late by 30 days or more will be updated on your credit report and included in your credit score.


Once the account is paid off, it still doesn’t fall off your credit report. Instead, your credit report will be updated to show a zero balance for the account.


The account status for a closed credit card will be reported as closed, even when you're still making payments on the balance. The status may indicate that the account was closed by you, the cardholder, or the credit card issuer, depending on which of you closed the account. A closed account will have the same impact ​on your credit, regardless of who closed the account. If your account was closed with a delinquency, like a 90-day late notice or a charge-off, that will show on your credit report, too.

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