The basic steps to close a Credit One account

To close a Credit One account, you call their customer service line, confirm your identity, and ask to close the account. Credit One will tell you the current balance, any pending charges, and when the account officially closes. You then pay what you owe — either in full or by setting up a payment plan — and the account moves to closed status.

The process itself takes one phone call, but the full closure (where the account stops reporting to credit bureaus) can take 30 to 60 days after you pay off the balance. During that waiting period, the account shows as closed but still appears on your credit report.

Credit One's customer service number is on the back of your card or on your monthly statement. Have your account number and Social Security number ready when you call.

Key Takeaways

  • Call Credit One customer service to request closure; they will tell you the exact balance owed before you commit to closing.
  • You must pay any remaining balance in full or arrange a payment plan before the account officially closes.
  • The account will show as closed on your credit report within 30 to 60 days, even if you pay when ready.
  • Closing a credit card can lower your credit score temporarily because it reduces your total available credit.
  • If you have a zero balance and no pending charges, the account can close the same day you call.

What happens to your balance when you close

If your account has a balance, you cannot close it without paying that balance first. Credit One will not close an account with money owed. You have two options: pay the full amount in one payment, or ask about a payment plan that lets you pay over time while the account is in the process of closing.

If you choose a payment plan, the account remains open until you finish paying. Interest may continue to accrue on the remaining balance depending on your card terms, so ask Credit One about this before you agree to a plan. Paying in full when ready stops all interest charges and closes the account faster.

If your account has a zero balance and no pending transactions, you can close it right away with no payment required.

How closing affects your credit score

Closing a credit card typically lowers your credit score, at least temporarily. This happens because closing the account reduces your total available credit — the amount of money all your creditors have offered you combined. Credit scoring models look at how much of your available credit you are using. When you close an account, that available credit shrinks, which can make your remaining balances look larger by comparison.

The impact is usually smaller if you close the account with a zero balance than if you close it while carrying a balance. The score drop is often temporary; as time passes and you continue paying other accounts on time, your score typically recovers.

If you are planning to explore for a loan or mortgage soon, closing a credit card a few months before that process may work against you. If you have time before you need credit, closing the account now has less impact.

What to do if you cannot pay the full balance

If you owe money on the account and cannot pay it all at once, tell Credit One this when you call. They may offer a payment plan that lets you close the account while paying over several months. Ask whether interest will continue to accrue and what the monthly payment will be.

If Credit One will not work with you on a payment plan, you have the option to keep the account open and pay it down over time before closing later. This avoids the credit score hit of closing with a balance, though it means the account remains active on your credit report.

If you are struggling with debt across multiple cards, you may want to speak with a nonprofit credit counselor before closing accounts. They can help you understand which accounts to close first and in what order to minimize damage to your credit score. The National Foundation for Credit Counseling can refer you to a counselor in your area.

After the account closes: what to expect

Once you have paid your balance and requested closure, Credit One will send you a confirmation letter within a few days. Keep this letter — it is your proof that you closed the account intentionally. The account will continue to appear on your credit report for up to seven years, but it will show as "closed by consumer" rather than "open."

You will not be able to use the card after closure, and Credit One will stop sending you monthly statements. If you set up automatic payments from this card for any bills, you need to change those payment methods before the account closes, or those payments will fail.

If you notice the account still showing as open on your credit report 60 days after closure, contact Credit One again with your confirmation letter and ask them to verify the closure with the credit bureaus.

Reasons you might want to keep the account open instead

Closing a credit card is permanent for that specific account. Once closed, you cannot reopen it — you would have to explore for a new card. If you think you might want to use this card again in the future, keeping it open costs nothing if you have no balance and no annual fee.

Credit One cards do have an annual fee, which is charged whether you use the card or not. If you are paying an annual fee on an account you do not use, closing it makes sense. If the annual fee is waived or you use the card occasionally, keeping it open preserves your available credit and avoids the temporary score drop.

Another reason to keep an older account open is credit history length. Credit scoring models reward accounts that have been open for a long time. If this is one of your oldest accounts, closing it removes that history from your active accounts, which can lower your score.

Frequently Asked Questions

Will closing my Credit One account hurt my credit score?

Yes, typically. Closing a credit card reduces your total available credit, which can lower your score temporarily. The impact is usually smaller if you close with a zero balance. Your score usually recovers within a few months as you continue paying other accounts on time.

What if I have pending charges on the account when I call to close it?

Credit One will include pending charges in your balance. You must pay the full amount owed, including pending charges, before the account closes. Ask them to tell you the exact amount before you commit to closing.

Can I reopen a Credit One account after I close it?

No. Once closed, that specific account cannot be reopened. You would have to explore for a new Credit One card, which is a separate process. The closed account will remain on your credit report for up to seven years.

Do I need to cut up my card after closing the account?

It is a good idea to cut up or shred the card so you do not accidentally try to use it. The account is closed and will not process charges, but destroying the physical card removes any chance of confusion.

How long does it take for the account to stop showing on my credit report?

The closed account will remain on your credit report for up to seven years. It will show as "closed by consumer," which is better than showing as delinquent or in default. After seven years, it should fall off automatically.