Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
joedunn45

0 Contributions
0 People Helped
will cancelling a credit card less than a year old lower my score
i have two chase credit cards(FREEDOM andFREEDOM UNLIMITED) I want to cancel the FREEDOM card

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1432 Contributions
1783 People Helped

Helpful to 4 out of 5 people

Before you close it ask Chase to move the credit limit from Freedom to Freedom unlimited, this way it won't affect your overall credit utilizations, as heightened utilizations is one of the reason your score might drop from close a/any credit card, and you do also retain your total available credit. Another is the age of credit, however in FICO score models factors in both your open and closed account into age of credit, a closed account in good standing would remain on your credit reports for upto 10 years from the closing date, so the age of credit wouldn't come into play for 10 years or until whenever it's removed.

Top Contributor
10303 Contributions
4297 People Helped

Helpful to 1 out of 5 people

Yes, it will hurt.  I strongly advise reading the articles here so you can learn how credit  really works because that is the expressed purpose of Credit Karma.  This knowledge sure has helped me! 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.