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Kath1235

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How often can I close a credit card?
I want to pay off some card that have annual fees. How often can I pay them off and close them without hurting my credit score?

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closing account will hurt your score if you carry balance on other cards.  It can affect your utilization which is 30% of your score.  So.... lets say your total card limits are $10000 and you carry a balance of $3000 your utilization is 30% which is ok.  But if you close a card that has a $5000 credit limit, well now your utilization has gone up to 60% and that is not good and your score will go down.  So as long as your utilization is not high you are fine to close the cards without any affect.  One thing you can try first is to do a product change to a no fee card from the same credit card company.  Just call and ask them or ask for them to waive the fee.

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