Canceling Credit Cards (cont’d)

Well on April 15 I regaled you with the story of why you should cancel old Credit Cards (specifically my old VISA Card). Well the story continues, I have 3 letters from CIBC saying they are investigating each and every one of the 3 suspect charges on my card, yahoo! Canceling credit cards might have made more sense.

My Visa bill still includes these charges AND they are collecting interest charges (to which I have been assured will be paid back to me if the charges are proven to be false (I’ll believe that when it happens)). I continue to have to pay the minimum charge on the Credit card. Why? Well if I don’t I get a nasty letter from CIBC saying, “You are a deadbeat, and we have put a black mark against your credit rating”. Lovely eh?

So at the end of this, if all goes correctly, I should have the suspect charges reversed, hopefully my Credit rating intact (how do I check that in Canada?), and a CREDIT on my card because I had to make these minimum payments on my bloody card. I have better things to do with $10 a month (I could buy 6 coffees).

I’ll keep you all posted, but remember to keep watching your credit cards and make sure all the charges are yours! Remember the importance of canceling credit cards.