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scurffy

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does closing a credit card account look bad on yo9ur credit report

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Top Contributor
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YES!!

It reduces your available credit and hurts your credit score, and this topic has been addressed numerous times here.

Top Contributor
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No, it does not. Harm can be done when closing a credit card, but the severity of it depends on the rest of your overall credit profile. If you have a bunch of cards then it doesn't hurt too much, but if you only have a few, then the damage can be significant. The answer to your question though, you are not penalized for having a closed account on your report, it is just the things that go with closing the account that you may be penalized for. If you have less than 5 or 6 cards, I would probably advise against it. The best thing that you can do for yourself is to spend some time (a lot of time) reading credit related topics before you take any action with your accounts.

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