Bob Jain & Being Cautious When Closing Credit Cards
For one reason or another, you may have the desire to close your credit card. Maybe you were thinking about opening up another card that had better benefits than the one you have now. Perhaps you simply cannot stand the presence of higher interest rates and would rather like to save money than anything else. Bob Jain understands the importance of having the best credit card possible but if you want to close your current option, there are some details worth picking up on.
An article on U.S. News and World Report went into detail on this particular matter. For example, it spoke about how closing a current credit card may play negatively into what is called your credit utilization rate. Without going into too much detail, just know that the rate in question is one that is able to determine what exactly your credit score is. For the purpose of keeping your utilization rate at a lower level, do not get rid of your current option so quickly.
If you are looking to get rid of your current credit card option, Bob Jain will stress the importance of speaking to your bank about it in detail. It goes without saying that your bank does not want to lose a customer, since that very customer may spread the word to people who he or she knows. It's also possible that interest rates and the like can be waived, even to the slightest of degrees, if you stay in contact with your bank. Names along the lines of Jain will tell you that this method can't hurt.
There was also the idea of opportunity discussed by the article on U.S. News and World Report. For example, what if you decide to get rid of a card that, admittedly, does not have the best perks tied to it? While this may seem like a strong option at the onset, the truth of the matter is that it is very easy for a new option to fall through. What this means is that you may not be able to retrieve the same option that you had before. Even if you don't use an old card, it's important for it to stick around as a means of insurance.
It's clear that if you want to close your credit card, there are many different aspects to take into consideration. This is especially true since most people might think about closing their cards right away without looking into the future at the possible consequences that could arise. You never want to overlook finance, in any respect, so it's important to keep these ideas in mind so that you can go about seeking other credit card options with a greater level of awareness intact.
An article on U.S. News and World Report went into detail on this particular matter. For example, it spoke about how closing a current credit card may play negatively into what is called your credit utilization rate. Without going into too much detail, just know that the rate in question is one that is able to determine what exactly your credit score is. For the purpose of keeping your utilization rate at a lower level, do not get rid of your current option so quickly.
If you are looking to get rid of your current credit card option, Bob Jain will stress the importance of speaking to your bank about it in detail. It goes without saying that your bank does not want to lose a customer, since that very customer may spread the word to people who he or she knows. It's also possible that interest rates and the like can be waived, even to the slightest of degrees, if you stay in contact with your bank. Names along the lines of Jain will tell you that this method can't hurt.
There was also the idea of opportunity discussed by the article on U.S. News and World Report. For example, what if you decide to get rid of a card that, admittedly, does not have the best perks tied to it? While this may seem like a strong option at the onset, the truth of the matter is that it is very easy for a new option to fall through. What this means is that you may not be able to retrieve the same option that you had before. Even if you don't use an old card, it's important for it to stick around as a means of insurance.
It's clear that if you want to close your credit card, there are many different aspects to take into consideration. This is especially true since most people might think about closing their cards right away without looking into the future at the possible consequences that could arise. You never want to overlook finance, in any respect, so it's important to keep these ideas in mind so that you can go about seeking other credit card options with a greater level of awareness intact.
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