Closing a credit card isn't as simple as cutting it in half. CNBC Select advises on how to cancel a credit card in six steps, so you ensure your account is closed properly.

Mail a letter to Chase. If you prefer to write a letter and send it via postal mail, ... Depending on how long you’ve had the Chase credit card account open, closing the card could hurt your score.

Your credit mix takes into account the various types of accounts you have such as credit cards, mortgages, car loans, or student loans. Closing a credit card could mean you have a less diverse ...

Closing a credit card account can have a negative impact on your credit for several reasons: It lowers your total credit limit. NerdWallet recommends spending no more than 30% of your total credit ...

If you close a credit card but have balances on other cards, you're likely to see your score dip by as much as 50 points. A high credit limit isn't a reason not to close your card, but you need to ...

Before closing your credit card account, you’ll want to redeem any unused rewards on your account. Once you cancel your card, these rewards may no longer be available to use.

Say, you have two credit cards with a $2,000 credit limit and a total of $500 in credit card debt. Your credit utilization ratio is 25%. If you close one card but your balance stays the same, the ...

How to cancel a credit card application. No matter what the reason, it’s best to make sure that you cancel as soon as possible. Canceling a credit card application is possible, but you’ll need ...

For example, if you get a $15 Uber credit each month, make sure you've redeemed your statement credit before closing your account. Not sure you want to close your card? You could always check for ...

Closing one of your cards reduces your overall credit to $10,000, and now your credit utilization rises to 30%. A higher credit utilization will lower your credit score (as they say, less is more ...