Does your credit score go down when you close a credit card account?
Do they usually charge a fee for closing cards? Does it lower your credit score? How many are you allowed to have? Why won’t some companies let you have their credit card if you have too many already?
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They shouldn’t charge a fee or lower your credit score. I have closed many cards and told them to cancell them because they were charging me annual fees and I found others that didn’t. They kept calling me after and thought it is strange when someone cancells a card, but hell how many does one person need. I always go for the lowest interest ones and no annual fees. MBNA is a great card to have , they actually sent me 20 bucks because I hadn’t used the card in a while.
There is no fee to close an account. It doesn’t lower your credit score. If you have lots of credit available to you, but you don’t owe much of a balance that is good for your credit score, so say you have one card with a small amount you owe, but the limit is huge that’s good. If you have several cards with medium to small limits and some you don’t carry a balance on and some you owe a little, that can be good too.
It’s not great to have zero credit. It’s not the same as having bad credit, but it can make it seem bad because it looks like no one is taking a chance on you to extend you credit. If you have a card with no annual fee and you don’t want to use it anymore and you don’t owe anything you can always just stop using the card and the company will eventually shut down an inactive account on their own. It might take a couple of years, but I have heard of this happening before.
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com