Does closing a credit card hurt your credit score?

I am not In debt, However im not a fan of the Credit card company im with. I was wondering If i closed that account and got a different credit card would it impact my credit score (720's)|||Closing the account may impact your credit score slightly if you still have a balance on it. If you don't, there's really no issue. Applying for another card regardless may impact your credit score as well.|||Do you have other revolving accounts? If so, do they have a balance? If you aren't carrying a balance on your other revolving accounts then it will not impact the ratio of available credit to total credit limits. This is 30% of your score. Even so, if you have a 720 credit score then you will likely qualify for a better card. Get the new card without an annual fee and close this account.





With that ratio aside, if you have a thick credit file then small changes like closing an account will have very little impact anyway.|||Yes it will. How much depends on the limit of the card. A large portion of your Fico score is your debt to credit availability ratio. If you close an account you are lowering your credit availability. If the card has a low limit it won't hurt your score a lot. I would call the creditor before the annual fee is charged and ask if they will waive it if you keep your account open.|||Directly, no.


Indirectly, yes.





There is no point reduction caused by closing an account.





However, keeping an account open increases your score.





If you close the account, then it stops increasing your score.





That means that your score drops to the lower number that it would already be if the account was not increasing your score.|||As you mentioned this is not your oldest card , so it should not affect your score that much. Another thing that it should not bring down your credit limit too much. In other words if your credit limit is 50K combining all cards and this is only 7K, it should not affect that much. But if it is 25 K , then there will be an impact.





Read the article to know more


http://www.cashorcredit24.com/should-you鈥?/a>|||Is it the only card you have? Is it the oldest account you have?


If you answered yes to those 2 questions, yes, it will affect your score.


If this card is not charging you an annual fee, just pay it off and cut it up. Don't close the account.