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wendy1969knight

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Credit card cancellation
I attempted to cancel one of my credit cards after it was paid off and was told that it would hurt my credit score. Is this true? I'm tired of paying the $7.00 per month charge on this card since I don't use it.

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It will hurt your credit if you close it, because you won't have credit available. I don't know what your credit score is, but you may wish to apply for a free card. If you receive a new card with the same, or more, available credit; then you can close the card. 

Top Contributor
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It might hurt your score, but then again it might not. How large is the line of credit? What percentage of your credit do you tend to utilize? If you can keep your overall utilization about the same after closing as before closing, it won't really make a difference. Closed accounts are factored into your average age of accounts, so even if this is one of your oldest credit lines you shouldn't worry too much about closing it. 
That seven dollars a month would be a deal breaker for me--that's outrageous. I wouldn't need to consider my course of action for more than a few seconds--I'd close that awful account. Sometimes you have to make a choice about what's worse--a possible temporary, small drop in your credit score, or continuing to get ripped off month after month. 

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