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stinky54321

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will closing a account with a zero balance and high intrest affect credit score

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Yes, especially if it is an old account. The age of your credit history is taken into account, and if you close any credit cards that are above your average age then that will cause it to drop. Similarly your Limit and Utilization Rate will drop. Unless there is an annual fee that they refuse to waive you might as well keep it open, nothing good comes from closing it. You also might call and ask them to lower your interest rate, most companies will do so if you have 6-12 months of on-time payment history.

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tran92

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Well technically if he/she does close the account, then it would still report for ten years. So average age of account is not affected just yet. But I do agree that utilization will drop and there is no point in closing the account if there is no annual fee. Besides you shouldn't even be leaving a balance on your credit card unless finance is that much of an issue. APR doesn't bother me as I don't let any of my cards revolve with a balance. Best thing to do is stop using it and let it report with a zero balance until they close it themselves or try to negotiate a lower APR as stated above.

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