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Anonymous

07 Jun 2019

∙

What are the precautions to take when canceling a credit card and how will it affect my credit score?

I am referencing this article here: https://www.valuepenguin.sg/6-precautions-take-...?

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Kenneth Lou

07 Jun 2019

Co-founder at Seedly

Hey there! Leveraging off some of the tips from the community, here are some thoughts:

Do not apply too many cards within a short time frame
Do not cancel the card within 12 months
Do no miss any payments
Do not overindulge
Do not disclose your card details
Do not hesitate to report loss of card/suspicious transactions
Do not treat the customer service officers rudely

Hope these helps! Credit: Damien Png

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Jeff Yeo

20 Sep 2018

amateur Social contributor at School of social sharing

As Long as your outstanding payments are paid there are no ill effects for the cancellation.

As kenneth mention the draw back is when you apply for too many credit cards in a short time frame.

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Would cancelling and applying new credit card affect my credit score?

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I got the Citibank cashback plus credit card about 3 months back but I'm intending to cancel it. Will there be any penalties/payment or will it affect my credit score or anything?

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