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Question By
Crdinq

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Close card with high balance
First of all I am considering closing a high balance card.

I currently have a card with a balance of 22,000 and limit of 23,000. My other cards
have a much lower percentage utilization. So excluding the mentioned card it would
be more like balance is 50 % of total limit. Also, I have had this card for 8 years, but my
oldest open card is 13 years so the eliminating this card would only slightly decrease
the average length of my account history by a year. My question is do you think it would
be advisable to close this account ? I would of course just keep making payments till it
is all paid off while it is in closed status.

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Paying it off is a better idea.  Your usage is high right now but you would LOSE the available credit (the total credit limit) and that loss of 23K will negatively impact your credit score.  It is really NOT a good idea to close an account for  this very reason.

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