Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
zaydie

0 Contributions
0 People Helped
Closing my credit card account, will it lower my credit score?
I have just paid off my credit card debt and don't know what would happen to my credit score if I should close the account? My current credit card has a high interest rate which is why I want to close that account and open a new credit card account with a much lower interest rate? Any suggestions?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
315 Contributions
442 People Helped
Most Helpful Response

Keep it open

Helpful to 4 out of 4 people

Even if you don't use it, it is good for your credit to keep it open because it shows credit history. That is important for future cards and loans. If you have an annual fee, you may want consider closing it, but you will lower your score for a few months. If you never had any late payments to that card, ever, my suggestion to you might be to apply for your new 'no annual fee' card and then close the old one. If you get it, wait until it gets close to your annual fee date of the other card and then close it. You will always lose active credit history when you close a card, though.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.