How to close your Credit One credit card
Call Credit One Bank's customer service line at the number on the back of your card and tell them you want to close the account. They will ask you to confirm your identity, review any remaining balance, and process the closure. The account will be marked as closed on your credit report, which stays visible for up to seven years but stops affecting your credit score after about two years of inactivity.
Before you call, pay off any balance you owe. If you have a remaining balance after closure, Credit One will continue to charge interest and require monthly payments until it is paid in full. Closing the account does not erase what you owe.
Do not straightforward stop using the card and ignore bills. An unpaid closed account damages your credit score more than an open account with a zero balance does.
Key Takeaways
- Contact Credit One Bank by phone using the number on your card to request closure, and have your account number and identity verification ready.
- Pay off your entire balance before closing, because the account will still accrue interest on any remaining debt after closure.
- A closed account remains on your credit report for seven years but stops hurting your score after roughly two years of no activity.
- Closing a credit card can lower your credit score temporarily because it reduces your total available credit, so consider whether you need to close it or straightforward stop using it.
Why your credit score may drop when you close the account
Your credit score partly depends on your credit utilization ratio — the percentage of your total credit limit that you are currently using. When you close a card, your available credit shrinks. If you have balances on other cards, your utilization ratio goes up, which can lower your score by 10 to 50 points depending on how much credit you had available on the closed card.
For example, if you have $2,000 in balances across all your cards and $10,000 in total credit limits, your utilization is 20 percent. If you close a card with a $3,000 limit, your total limits drop to $7,000, and your utilization jumps to about 29 percent — even though you did not charge anything new.
This drop is temporary. Your score recovers as you pay down balances on your remaining cards or as time passes and the closed account ages on your report.
Steps to take before you call to close
Check your account online or call customer service to confirm you have a zero balance. If you owe money, make a payment first. You will need your account number and a form of identification when you call, so have those ready.
Consider whether you actually need to close the card. If your only reason is that you do not like Credit One's fees or terms, closing it will hurt your score more than keeping it open and unused. If you have other cards with better terms, you can straightforward stop using Credit One and let the account sit dormant. Credit One will not close it for inactivity alone, and an open account with a zero balance helps your credit utilization ratio.
Close the account only if you are certain you will not use it again and you understand the temporary score impact. If you are trying to rebuild credit, keeping old accounts open — even unused ones — usually works better than closing them.
What happens during the phone call
Call the number on the back of your card. You will reach a customer service representative who will verify your identity by asking for your account number, Social Security number, or other personal information. Tell them you want to close your account.
They may ask why you are closing it or offer you a lower interest rate or fee waiver to keep the account open. You are not required to accept any offer. If you want to close it, say so clearly.
The representative will confirm that your balance is zero and process the closure. Ask them to send you written confirmation of the closure. This confirmation is useful if the account appears on your credit report as open after closure, which occasionally happens and can be disputed with the credit bureau.
What to do if you have a remaining balance
If you cannot pay off the balance before closing, you have two options: close the account and continue paying, or keep it open while you pay it down.
Closing an account with a balance means Credit One will continue to charge interest on what you owe. You will make monthly payments until the debt is gone, but the account will show as closed on your credit report. This looks worse to future lenders than an open account with a balance, because it signals you stopped using the card while still owing money.
The better choice is usually to keep the account open, stop using it, and pay down the balance. Once the balance reaches zero, you can then close it if you want to. This takes longer but protects your credit score.
Monitoring your credit report after closure
After you close the account, check your credit report within 30 to 60 days to confirm the closure was recorded correctly. You can get a free credit report from each of the three major bureaus — Equifax, Experian, and TransUnion — once per year at annualcreditreport.com.
The account should show as "closed by consumer" or "closed at consumer's request." If it still shows as open, contact the credit bureau in writing and provide your confirmation of closure from Credit One. The bureau has 30 days to investigate and correct the error.
Your closed account will remain on your report for seven years from the date of closure. During that time, it will continue to show your payment history — which is actually helpful if you paid on time, because positive history helps your score. After seven years, the account falls off your report entirely.
Alternatives to closing the account
If your main complaint about Credit One is the annual fee, closing may not be the best move. The fee is usually $39 to $99 per year, which is less than the temporary credit score damage from closure. You can call and ask if they will waive the fee, or straightforward keep the card open and unused.
If you are closing because you want to stop using high-interest credit cards, that is a good reason — but closing does not change your past behavior. The real goal is to stop charging new purchases and pay down existing balances. You can do that without closing the account.
If you are closing because you want to reduce the number of cards you carry, consider closing a newer card instead of an older one. The longer a card has been open, the more it helps your credit score. If Credit One is one of your oldest accounts, keeping it open — even unused — is better for your score than closing it.
Frequently Asked Questions
Will closing my Credit One card hurt my credit score?
Yes, usually by 10 to 50 points in the short term, because your available credit decreases and your utilization ratio goes up. The damage is temporary and your score recovers over time, especially as you pay down balances on other cards. If Credit One is one of your oldest accounts, the impact may be larger because closing it removes a long payment history from your active accounts.
Can I reopen my Credit One account after I close it?
You can contact Credit One and ask to reopen it, but they are not required to say yes. If you closed it due to missed payments or other problems, they may refuse. If you closed it in good standing, they may reopen it, though it may take several business days.
What if I close the account but still have a balance?
Credit One will continue to charge interest on the remaining balance and you must keep making payments until it is paid off. The account will show as closed on your credit report, which looks worse than an open account with a balance. It is usually better to keep the account open while you pay down the balance, then close it once you reach zero.
How long does it take for the closure to show on my credit report?
The closure typically appears within 30 to 60 days. You can check your credit report at annualcreditreport.com to confirm. If the account still shows as open after 60 days, contact the credit bureau in writing with your closure confirmation from Credit One.
Should I close the card if it is my oldest account?
Probably not. Your oldest accounts help your credit score because they show a long history of responsible credit use. Closing an old account removes that benefit. If Credit One is your oldest card, the score damage from closure will be larger than if you closed a newer card. Consider keeping it open and unused instead.