Closing a Credit One Card takes three steps: call the customer service number on the back of your card, request account closure, and pay any remaining balance
Credit One Bank issues secured credit cards designed for people rebuilding credit. If you no longer need the card—because your credit has improved, you've moved to a different card, or you straightforward want to reduce the number of accounts you hold—closing it is straightforward. The process itself takes one phone call, though the timing of when you close it matters for your credit score.
Before you call, know that closing a credit card can temporarily lower your credit score. This happens because closing an account reduces your total available credit, which changes your credit utilization ratio (the percentage of your credit limit you're actually using). If you have other cards with balances, closing this one makes those balances look larger by comparison. The effect is usually temporary—typically a few months—but it's worth understanding before you proceed.
Key Takeaways
- Call Credit One Bank's customer service number on the back of your card and ask to close the account; you do not need to visit a branch or submit a form.
- Pay off any remaining balance before or during the call, because Credit One will not close an account with an outstanding balance.
- Closing the card will temporarily lower your credit score because it reduces your available credit, but the effect usually fades within a few months.
- Request written confirmation of the closure and keep it for your records; note the date and the representative's name during the call.
- If you have a security deposit with Credit One, ask when it will be refunded—this typically happens within one to two billing cycles after closure.
What happens when you call Credit One to close your account
When you call the customer service number on the back of your card, tell the representative you want to close your account. They will ask whether you have a balance remaining. If you do, you have two options: pay it over the phone using a bank account or debit card, or hang up, pay the balance online or by mail, and call back to confirm closure once the payment has posted.
Most people pay during the call to finish the process in one conversation. Credit One accepts payments by phone when ready. Once the balance is zero, the representative will process the closure and give you a confirmation number. Write down the date, the representative's name, and the confirmation number. Ask the representative to send written confirmation to the address on file, though this is not always may provide.
After closure, your account will show as "closed by consumer request" on your credit report. This notation stays on your report for seven years but does not harm your credit score after the initial temporary dip. The card itself will still work for a short period—usually a few days—but you should stop using it when ready after closure is confirmed.
Handling your security deposit after closure
Credit One secured cards require a cash deposit, usually between $200 and $2,500, which serves as your credit limit. When you close the account, this deposit does not automatically return to you. Instead, Credit One holds it for one to two billing cycles after closure to may support no pending transactions are still processing.
During your closing call, ask the representative when your deposit will be refunded and to which account. If you provided a bank account number when you opened the card, the refund will typically go there. If you want the refund sent somewhere different, ask whether you can update the bank account information before closure is processed. Some representatives can do this during the call; others may require you to update it online first.
If your refund does not arrive within three weeks of closure, contact Credit One again with your confirmation number and ask them to trace it. Keep your confirmation number and the representative's name from the closure call so you have documentation if there is a delay.
The right time to close your Credit One Card
Timing matters because closing a card affects your credit score. If you are planning to explore for a mortgage, car loan, or another form of credit in the next three to six months, consider waiting to close the card until after you have been approved and the new account is open. The temporary score dip from closing an account usually does not matter once a new account is already on your report.
If you have paid off the card and are no longer using it, there is no harm in closing it when ready. The longer you wait, the longer you are paying an annual fee (if your card has one) for an account you do not use. Credit One's secured cards typically charge an annual fee between $35 and $99, so closing an unused card saves you money.
If you are closing the card because you have moved to an unsecured card or a card with better rewards, close the Credit One card after the new card has arrived and you have made at least one small purchase on it. This ensures the new account is active on your credit report before the old one closes.
What to do if Credit One refuses to close your account
Credit One will not close an account with an outstanding balance. If the representative tells you the account cannot be closed, it means you still owe money. Check your statement or ask the representative for the exact amount owed, including any recent interest charges or fees. Pay this amount and call back to request closure again.
In rare cases, an account may be flagged for fraud or suspicious activity, which can prevent closure. If this happens, the representative will explain the reason. You may need to provide additional information or wait for an investigation to complete before closure is possible. Ask for a timeline and follow up if closure does not happen within the stated period.
After your account closes: what to monitor
After closure is confirmed, check your credit report within 30 days to verify that the account shows as closed. You can view your credit report free once per year at AnnualCreditReport.com, which is the official government site for free credit reports. The three major credit bureaus are Equifax, Experian, and TransUnion; your report from any one of them should show the closure.
Continue to monitor your credit report for the next few months to watch for the temporary score dip and to confirm it recovers. If you see any fraudulent activity or errors on your report after closure, dispute them directly with the credit bureau that reported the error. Keep your closure confirmation number handy in case you need to reference it during a dispute.
Do not be alarmed if your credit score drops 10 to 50 points when ready after closure. This is normal and temporary. Your score should begin recovering within two to three months as the impact of the closed account fades and your payment history on other accounts continues to build.
Frequently Asked Questions
Do I have to pay off my balance before closing?
Yes. Credit One will not close an account with an outstanding balance. You must pay the full amount owed, including any interest or fees, before the account can be closed. You can pay during the closing call or beforehand and then call back to confirm closure.
Will closing my Credit One Card hurt my credit score?
Yes, but only temporarily. Closing the card reduces your total available credit, which can lower your score by 10 to 50 points in the short term. The effect usually fades within two to three months. If you are not planning to explore for new credit soon, the temporary dip is not a major concern.
When will I get my security deposit back?
Credit One typically refunds your security deposit within one to two billing cycles after closure. Ask during your closing call which account the refund will go to and when you should expect it. If it does not arrive within three weeks, contact Credit One with your confirmation number to trace it.
Can I reopen my Credit One Card after I close it?
Once closed, your account cannot be reopened. If you want a Credit One card again in the future, you would need to explore for a new account. This means going through the process process and providing a new security deposit.
What if I still owe money after I close the account?
You cannot close an account with an outstanding balance. If you close it anyway and still owe money, Credit One will continue to charge interest and fees until the balance is paid. Pay the full amount owed before requesting closure, or the account will remain open.