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Question By
rggail

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how will it affect my score if i close a recent (oct 2013) card and open another?
I always had excellent credit, 785 and above, but it dipped a bit after I opened some new credit cards last year. I always pay all my balances off every month. I would like to drop a card I got last year because I needed chip technology for traveling in Europe and get another card that has better benefits and the same annual fee. I am rated a "C" in total number of cards, but previously I'd been told if I used more cards my score would go up. Any thoughts?

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Top Contributor
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It will not do any good to close Acct's

closing an account will hurt you by lowering your available credit.. Thus your score will go down. making it harder to get the card you want.  If you pay off your balances right away then I suspect that you would have no problem getting the card you want first, then close the account that you don't want.  

Closing your accounts will lower the average age of your accounts so think carefully before closing older accounts.  

Good luck 

Top Contributor
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On the other hand, paying a large fee to have an account is not worth it either. So if I were you i'd first get teh new card I want/need. And only afterwards close the annual fee card. 

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