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Question By
MedicPatriot

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How bad will closing a new card hurt my credit score?
I want to close this card because of the annual fee. I've had it 3 months. My only other card I've had for almost 2 years. My credit score is 730. I don't want to ruin it by closing this card, but I'd rather get a similar one with no annual fee. Thanks!

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There is no set rate your score will drop after you close that card, but it WILL drop.  I suggest getting the no fee card you'd like before dropping the fee card so the "damage" would be less.  Personally, I don't like annual fee cards, either.

Reply by
zoppina

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Why does closing a new card make your score drop?  If anything, won't it increase your average account age?  I just closed a new card (I got the sign up points and then closed it), my average age went up, but my credit score went down 37 points.

Thanks.

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