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Question By
talilevin

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If I open a credit card and close it within a year, how much will it hurt my credit?
The card has great perks, and the annual fee is waived the first year. I would like to use the benefits, but close it before the fees incur. How bad will this ding my credit?

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You will lose the available credit and your utilization will increase, lowering your score. It all depends on how much the limit is and what percentage is it of your total credit.

Doing that also reduces your length of credit history.

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