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Question By
sgemini75

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I want to close a card only open a year. How will this affect me?
New fees are this month and I'm afraid that I will not be able to make payments. I unfortunately have closely reached my limit. I don't want this to put me in debt but don't want to make my credit worse. Thoughts?

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sgemini75

Let me see if I understand your question:  You have had a credit card for one year, it is near the limit, wont be able to pay it, want to close it, and want to know how that will affect your credit ???

Have you ever seen the movie Deliverance ???

Because that is what is going to happen to your credit score if you run a card up and walk away from it.

This sounds like damage control mode to me.  First of all you cant close it if there is a balance.  You may choose to think of it as closed, but be sure, they wont be thinking that way.  Next thing I would do is beg/borrow/steal to get the money to pay at least the minimum payment this month and spend the next month getting a plan to pay the rest of it.  This is all of course after you take the scissors to that card.  Once you get your act together (assuming you made the payments on time) they will gladly send you a replacement card.

If I misunderstood your question, then my apologies.

Good Luck

Rich

If I miss understood your question, then my apologies...

Rich

Reply by
sgemini75

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Sorry I wasn't clear, I'm not that awful. Lol.  Let me just say I'm paying the card, never been late and don't plan on it. But this month it started with a high monthly fee and since I'm close to my limit right now it might make it worse. Again it MIGHT, not sure it will. I was thinking if I close the card (continuing to pay on time) I won't look too bad with the company because I'm paying it but I wasn't sure if that will make me look bad with my credit since I've only had the card for a year. 

Again let me be clear that I will continue to pay the card I'm not trying to get out of that. I just didn't know how it would look for my credit if I close it after a year. I thought I was getting a good deal with this card since my credit was not the best only to discover that I wasn't. So high interest rate and now a monthly fee. My fault but now I just want to make sure I keep my credit on the right track.

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