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Question By
Kwilson0827

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Will closing my oldest affect my credit? It's at a 59% APR, I need it gone!!
I have a credit card I obtained shortly after filing bankruptcy. It's a 59% APR - crazy - yes I know, but I was desperate to start rebuilding my credit again. Anyways, the creditor will not lower my APR, but instead only offers me other high interest rate cards. I want to close this account because of the insane interest, but this is the oldest account on my report. Should I just keep it open, but make no transactions on it? Or should I just cut my ties and close it all together? I just don't want closing it out to be a negative on my credit either.

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I would keep it open and just do not use it. I do not believe the interest rate on a card affects your credit score.

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Reply by
jwsister

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The interest rate doesn't affect your score UNLESS you are keeping a balance on the card, then it could have an effect.  Keep it and use it for minor purchases that you will pay in full when the bill comes in, paying the "Total Amount Due"  not the "Minimum Payment".  That will work very well for your credit score.

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