True Credit
Is it true that closing a Credit Card account can negatively impact your credit?
I have some credit card accounts I would like to pay off and close for good. I have heard that this could have a negative impact on My Credit. Is that true? If so, what is the best way to eliminate some this Credit Cards?
I totally agree with rlanicek.
Not only with his advice but also in not believing so many people can answer this question when it seems that they don't have a clue that closing an account will Hurt Your Credit.
I would suggest doing as he recommended, since he said it best.
The only other thing that I can offer is if any of your cards have a yearly fee or high interest, call the Credit Card Company request that they drop the fee and lower your interest.
The only time you should close accounts is if they do have a fee that the company will not drop. And, the account closure should not happen within 6 to 12 months of making a major purchase.
Plus, it would be a good idea to replace that card "before" you cancel it.
If the card is new, then closing it won't hurt that bad in losing history, but you will be losing utilization which could result in a small ding.
Having credit cards does not mean you have to run out every day and make charges. Stick them in a drawer, pull them out about every 6 months or so and make a small purchase to keep them active. Buy a hamburger or some gas then stick the card back in the drawer. Then pay the statement in full.
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