Advice on How to Get Rid Your of Credit Cards

When you close a credit card account, you can still leave yourself open for fraudulently activity by not properly destroying the actual card and other pieces of account information. The age-old visual of taking a pair of scissors to your plastic is a start but the process for protecting your finances goes far beyond.

Here are some additional tips and advice on how to get rid of your credit cards that you need to know:

Get It In Writing

When you elect to close a credit card account, you should always contact the company directly and ask for a confirmation letter that confirms the closure. Do not assume it has been done until you get that letter. Never close an account that still has an outstanding balance on it. Make payment arrangements to pay off the account before you officially close it. You should also check your credit report 2-3 months after the closure notice to be sure information is being reported correctly to the credit bureaus.

Cut Them Up Correctly

You’ll want to cut the credit card in such a way that it would be next to impossible to put back together. This means you’ll need to slice through the account number several times to produce many pieces, making the numbers unreadable to even the best puzzle assembler. Make sure you also destroy your credit card signature, the numbers on the back of your card, and any other identifying marks, especially if the card is personalized. If you have a cross-cutting shredder, you can also utilize this to destroy the card properly.

Dispose of Plastic Separately

Believe it or not, there are some people who would stop at nothing to get their hands on your money or account information. When you cut up your plastic, take time to distribute it among several trash bags. Don’t set out all of the bag for collection at the same time either or take a bag into work with you to further prevent trouble.

Destroy Everything Else

Once the account has been successfully closed and cards disposed of properly, take the time to file away important documents such as the closing confirmation letter and destroy the other paperwork you no longer need such as statements. Anything containing your personal or financial information should be shredded. Do not toss the papers into the garbage can or take them to a recycling center until the information has been shredded. If you have the ability to burn your paperwork and credit cards, do so. Many people will use these confidential but no longer needed paperwork to start the fireplace.

Reorganize Your Files

Keep adequate paperwork after the closing of an account has been completed. You can maintain a folder for the account that shows the steps taken to close the account. Also keep the confirmation letter that shows when the account was closed. This will be a great reference should your account be used fraudulently after it has been closed by you.

Cancel Online Services

Many times people list a credit card as a source of payment but forget to cancel or add a new card for this purpose. When you close an account but forget to change information, you may end up losing services because your card will be rejected. It is wise to keep a list of where you are using which card in your file so you’ll know exactly who to contact when you are preparing to close an account.

While in some instances it may seem overkill to get rid of personal financial information, the small steps laid out here are nothing compared to the months and even years worth of recovery efforts should your information be obtained and your credit used fraudulently.

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This entry was posted on Monday, November 30th, 2009 at 9:00 am and is filed under Card Security. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.