The basic steps to cancel your Credit One Bank card
To cancel your Credit One Bank credit card, you call their 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 a few questions to confirm your identity, may ask why you are closing it, and then process the cancellation. The account closes that day, though it can take a few days for the closure to show on your credit report.
Before you call, pay off any remaining balance on the card. Credit One will not let you close an account with an unpaid balance — they will ask you to pay it first or set up a payment plan. If you have a zero balance, the call typically takes less than five minutes.
After you hang up, write down the date you called, the name of the representative you spoke with, and the confirmation number they give you. Keep this record for at least a year. Then destroy the physical card by cutting it up or shredding it so it cannot be used.
Key Takeaways
- Call the number on the back of your Credit One card and tell the representative you want to close your account.
- You must pay off any balance before Credit One will close the account.
- Write down the date, representative name, and confirmation number for your records.
- Closing a credit card can lower your credit score temporarily because it reduces your total available credit.
- The account will close when ready, but it may take a few days to appear as closed on your credit report.
What happens to your credit score when you close the card
Closing a credit card usually lowers your credit score in the short term. This happens because your credit score partly depends on your credit utilization ratio — the amount of credit you are using compared to the total credit available to you. When you close a card, your available credit shrinks, which makes your utilization ratio higher even if you do not change how much you owe on other cards.
For example, if you have two cards with $5,000 limits each (total available credit of $10,000) and you owe $2,000 across both, your utilization is 20 percent. If you close one card, your available credit drops to $5,000, and your utilization jumps to 40 percent — even though you still owe the same $2,000. This change can cause your score to drop by 10 to 50 points depending on how much credit you have overall.
The score usually recovers within a few months as long as you keep paying other bills on time and do not take on new debt. The closed account will stay on your credit report for up to seven years, which is normal and does not hurt you after the initial dip.
Reasons to close the card versus reasons to keep it open
Close the card if you are paying an annual fee that you do not want to pay, if the card has a high interest rate and you are tempted to use it, or if you straightforward do not want the account anymore. Credit One Bank cards often carry annual fees, so if you have paid that fee and decided the card is not worth it, closing makes sense.
Keep the card open if you are not paying an annual fee, if you want to preserve your credit score, or if you plan to use it occasionally. An open account with a zero balance actually helps your credit score because it shows available credit you are not using. If you keep the card but do not want to use it, you can put it in a drawer — you do not have to close it.
If your main reason for closing is that you want to stop overspending, closing the card can help. But the real solution is not using the card, which you can do without closing it. Think through whether closing will actually change your behavior or whether you are just hoping the account closure will solve a spending problem that needs a different fix.
What to do if you cannot reach customer service
Credit One Bank's customer service line is available by calling the number on the back of your card. If you cannot reach them by phone, you can send a written request to close your account by mail. Write a letter stating your name, account number, and that you want to close the account, then mail it to the address on your statement. Keep a copy for yourself.
Written requests take longer to process — usually two to four weeks — but they create a paper trail. If you use this method, follow up with a phone call after two weeks to confirm the account is closed. Do not assume the letter was received or processed without checking.
Handling a balance before closing
If you have a balance on the card, you have two options: pay it off in full before calling to close, or ask Credit One to close the account and continue making payments on the closed account.
Most people pay off the balance first because it is simpler. You know exactly what you owe, you pay it, and then you close the account with no remaining ties. If you cannot pay the full balance right now, you can ask Credit One whether they will close the account while you continue making payments. Some will do this; others will not. The only way to know is to call and ask.
Do not close the account and then ignore the balance. Even a closed account will report missed payments to the credit bureaus and can be sent to a collection agency if you do not pay.
After the card is closed: what to do next
Once the account is closed, check your credit report within 30 days to make sure it shows as closed. You can get a free copy of your credit report once per year from each of the three major credit bureaus — Equifax, Experian, and TransUnion — at annualcreditreport.com. This is the official government website, and it is free.
If the account does not show as closed after 30 days, call Credit One again with your confirmation number and ask them to verify the closure. Sometimes the credit bureaus take longer than expected to update, but if it has been more than 60 days, follow up.
If you closed the card because you were overspending, now is the time to think about what card you will use instead. If you do not have another card, you might open a new one with a lower limit or better terms. If you are trying to avoid credit cards altogether, make sure you have another way to build credit — such as a secured credit card or becoming an authorized user on someone else's account — so your credit score does not suffer from having no active accounts.
Frequently Asked Questions
Will closing my Credit One card hurt my credit score?
Yes, it usually lowers your score temporarily because your available credit decreases. The drop is typically 10 to 50 points and recovers within a few months if you pay other bills on time. The closed account stays on your report for up to seven years but stops hurting your score after the initial dip.
Can I reopen a Credit One card after I close it?
You would have to explore for a new account rather than reopen the old one. Credit One will review your process as if you were a new customer. Whether they approve depends on your credit score and history at the time you explore.
What if I have a pending charge on the card when I close it?
Call before you close the account and ask whether any charges are still processing. If there are, wait for them to post, then pay them, then close. If you close with a pending charge, it will still post to the closed account and you will owe it.
Do I need to close the card in person or by mail, or can I really just call?
A phone call is the standard way and works fine. You do not need to go to a branch or send anything by mail unless you cannot reach them by phone. Keep your confirmation number as proof.
How long does it take for the card to stop working after I close it?
The card stops working when ready after you close the account. If you try to use it at a store or online, it will be declined. This is why you should destroy the physical card right after you close the account.