INPUT ARTICLE: Article: Take out all credit card statements and identify the credit limits. Add them together to get your total available credit.  Then go through and add up all balances. Divide the balance amount by the available credit. For example, if your credit limit is $15,000 and your total balances are $3,000, then your utilization rate is 20% ($3,000 divided by $15,000 is 0.2). You can’t close a card until you pay off the balance. Accordingly, you should commit to paying off the balance as quickly as possible.  Create a budget if necessary, and stick to it. If you don’t have the money, you can call your card issuer and ask them to freeze the card. This will prevent you from making new charges. In order to protect your credit score, you may need to pay down the balances on your other cards so that your utilization doesn’t rise. To see why, consider the following example:  Amy has three credit cards: A, B, and C. She wants to close A, which has a high interest rate. All three cards have a $2,000 credit limit, giving her $6,000 in available credit. Card A has a $500 balance, and Card B has a $2,000 balance. Currently, her utilization rate is about 42% ($2,500 divided by $6,000). However, if she closes Card A, her available credit will be $4,000 and her total balance will be $2,000. This gives her a utilization rate of 50%. Amy’s credit score will decline as a result. Amy can keep her utilization rate from rising by paying down the $2,000 balance on Card B. Ideally, Amy should pay off all balances before closing any card. If you have a rewards card, you’ll probably lose the rewards when you close the card. Accordingly, you should redeem all of your rewards if possible. Some cards make it difficult to redeem rewards. For example, you might only be able to redeem if you reach a certain threshold. Alternately, some cards allow you to redeem points only once a year. In these situations, you might need to delay closing your account if you want the rewards. Closing one card might hurt your credit score a tiny percentage, but closing all credit cards will hammer your credit score. This is a drastic way to manage your debt load, and you should consider alternatives, such as credit counseling. Find the number on the back of your credit card. When you call, ask the rep to confirm that the balance is zero. Tell the person that you want to close your account and ask that they report the account as “closed at the consumer’s request.”  The representative might ask why you are closing your account. You can tell them your reasons, or just say, “Oh, I don’t need the card.” It’s your right to close an account, so don’t let them dissuade you. Write down the name of who you speak with, including other details (day, time, substance of the conversation, etc.) It’s a good idea to follow up with a letter in case the customer service representative makes a mistake. In your letter, request that the account be closed “at the consumer’s request.” Include your name, account number, and contact information.  Also explicitly ask that they send you a confirmation letter. You’ll want something in writing. Mail the letter certified mail, return receipt requested, and keep a copy of the letter for your records. Wait about a month, and then pull a copy of your free credit report. Check to see the account has been closed and that it states your account was closed at your request.  If the account remains open, call the card issuer again. Send a follow-up letter and include a copy of your original letter. If there isn’t a notation that the account was closed at your request, dispute the error with one of the credit bureaus. You may want to keep your credit score as high as possible because you are applying for a mortgage or a car loan. In this situation, you should wait before closing your account. Get your mortgage first, and then focus on closing credit cards.

SUMMARY: Calculate your current utilization rate. Pay down your balance in full. Reduce the balances on your other cards. Redeem all rewards. Avoid cancelling all cards. Call to cancel. Send a letter. Confirm the account was cancelled. Postpone closing your card, if necessary.

INPUT ARTICLE: Article: It’s polite to send a thank you note soon after the business or person helped you. Don’t delay. Write your note and send it within a few days.  Time is especially important after a job interview. Contact the interviewer to say thank you within 1 day of the interview to thank them for their time. For other services, time is not as crucial. If you forgot to send a note and a week has gone by, still send the note. People appreciate receiving thanks, even if it’s late. In most cases, a typed or handwritten letter is perfect for a thank you note. Both are formal enough for business correspondence, yet more personal than an email. Choose this option unless you need the letter delivered quickly or want to send a more personal card.  If you don’t have excellent handwriting, opt for a typed letter. Once you print or write the letter, keep it clean and tidy until you send it. Don’t let it get wrinkled or spill anything on it. If you are especially thankful for something a business has done, look for a nice thank you card. This shows that you’ve taken an extra step to show your thanks, and the recipient will be happy to receive it.  Choose an appropriate design for the card. It should still look professional. A simple card with a small design and generic text works just fine. Greeting cards are also a good choice if you know the person you’re writing to personally. If you’ve met or spoken to this person before and built more of a relationship, a card helps solidify that relationship. While physical letters are usually more personal, an email is your best choice for fast communication. This is especially important following job interviews. If you’ve just had an interview or prefer your messages delivered quickly, choose an email instead.  If you do send an email, write “Thank You” followed by your name in the subject line. This way, the recipient knows you sent the email by just skimming their inbox. If you prefer sending a letter but need it delivered quickly, you could send it with overnight mail. This can be an expensive service, however.

SUMMARY:
Write and send your note as soon as possible. Send a typed or handwritten letter for normal correspondence. Get a thank you card to show more appreciation. Write an email if time is short.