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kjs4981

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Should I close a short- term credit card account?
Let's say I open a credit card account for a large purchase that I was able to pay off about 8 months after opening. How would my credit score be affected if I then close this very short-term account? Would it be better to keep it open with a 0 balance?

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I personally against closing a credit card account, unless there is high fees (annual/monthly) associate with it, or the ones that are difficult to deal with, like they would hold your payment for few days, and then charge you a late fee... Couple of reasons you should keep it open, one, your score already took hit from inquiry and new account, second is that credit is something you want to accumulate when you don't really need it, when you wait till you actually need them? Then It's too late to acquire.

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But there isn't really much harm to your score tho, if you want to close it, unless closing it would drastically reduce your overall credit limit or heighten your overall utilization. For FICO score models? Your closed account still count towards your age/average age of credit, till it fall off your report.

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