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Helpmewithmyscore

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Closing an account
I have a credit one bank credit card that I'd like to get rid of. It has a high interest rate and fees. My credit is finally at a place I'm happy with and I don't want my credit report and score to be negatively effected by closing this account. How can I close it without my score taking a hit?

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Top Contributor
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Unfortunately, your score will take a hit when you close an account, but I don't like having a card with fees, either.  If it is an annual fee, you might wait until the card is up for renewal before cancelling.  Be sure the account is paid in full, too.

Top Contributor
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To minimize the damage, make sure that you have two or three other credit cards that are open and active before you consider closing this account.

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