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How to Close First Progress Credit Card: A Step-by-Step Guide
Closing a credit card can be a tough decision, but if you have made up your mind to close your First Progress credit card, this article will guide you through the process. First Progress is known for its secured credit cards, which can be a great tool for building or rebuilding credit. However, circumstances change, and closing a credit card may become necessary. In this article, we will walk you through the steps to close your First Progress credit card and answer some frequently asked questions.
Step 1: Assess Your Situation
Before closing your First Progress credit card, it is important to assess your financial situation and understand the potential impact on your credit score. Closing a credit card can affect your credit utilization ratio and credit history length, both of which are important factors in determining your credit score. If you have other active credit cards, closing your First Progress card may have minimal impact. However, if it is your only credit card, you may want to consider alternatives before closing it.
Step 2: Pay Off Any Outstanding Balances
Before closing your credit card, make sure to pay off any outstanding balances. Contact First Progress to confirm the exact amount due and arrange for payment. Once your balance is cleared, it will be easier to close your account without any complications.
Step 3: Contact First Progress Customer Service
To close your First Progress credit card, you will need to contact their customer service department. The contact details can be found on the back of your credit card or on their website. Call their customer service number and follow the prompts to speak with a representative. Inform them about your intention to close your credit card account.
Step 4: Verify Your Identity
During the call, the representative may ask you to verify your identity by providing personal information such as your full name, social security number, and date of birth. This step is essential to ensure that you are the rightful owner of the credit card account.
Step 5: Request Closure of Your Credit Card Account
Once your identity is verified, inform the representative that you wish to close your First Progress credit card account. They may ask for a reason, but it is not mandatory to provide one. Be firm in your decision and ensure that the representative understands your intention clearly.
Step 6: Follow Up with a Written Request
To ensure that the closure of your credit card account is properly documented, it is recommended to follow up with a written request. Send a letter to First Progress customer service, stating your request to close the credit card account. Include your full name, address, account number, and the date of your initial phone call to close the account. Request a confirmation letter acknowledging the closure of your account.
Frequently Asked Questions (FAQs):
Q: Will closing my First Progress credit card affect my credit score?
A: Closing a credit card can impact your credit score, particularly if it is your oldest credit card or if you have a high credit utilization ratio. However, if you have other active credit cards, the impact may be minimal.
Q: Can I close my First Progress credit card online?
A: Unfortunately, First Progress does not provide an online option to close your credit card account. You will need to contact their customer service department via phone.
Q: How long does it take to close a First Progress credit card account?
A: The timeline for closing a First Progress credit card account may vary. It can take anywhere from a few days to a few weeks for the closure to be processed.
Q: Will I receive a confirmation letter after closing my credit card account?
A: It is recommended to request a confirmation letter from First Progress customer service to ensure proper documentation of the account closure.
Q: Can I reopen a closed First Progress credit card account?
A: Once you close your First Progress credit card account, it cannot be reopened. If you wish to continue using a credit card, you will need to apply for a new one.
Closing a credit card is a personal decision that should be made after careful consideration. By following the steps outlined in this article, you can successfully close your First Progress credit card account. Remember to pay off any outstanding balances, contact customer service, and follow up with a written request for documentation purposes.
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