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How will closing a credit card account affect my credit score?
I want to close my newest credit card after only 18 months, how will this affect my credit score?
Asked by
samalama76
1 year ago
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The answer is always "it depends". Closing the account cound negativly impact your debt to available credit ratio which could lower your score (if you have 0 debt, no issue here). Closing your newest account could possibly raise your score by increasing the average age of open accounts also. So the answer is "it depends".
robert0380 1 year ago
It's better to pay off the balance and cut up the card. That would have no negative impact on your score. In fact, it would help with the part about credit utilization.
sfbrown 1 year ago
Closing your newest account acount will generaly improve your credit score since the average age will go up. However, depending on your revolving debt it will most likely hurt your credit by bringing up your credit utilization. It's important to realize that credit card age is a very minor factor of the credit score and it would drop barely 10 points, while credit card utilization of an additional %10 can cause your score to drop 60 points.
mkraminer 1 year ago