Will closing a credit card lower your score?

[olivia.wong]

I've been thinking about closing an old credit card I rarely use, but I keep hearing mixed advice about whether it will hurt my credit score. I know things like credit utilization and account age matter, but it's hard to tell what the real impact would be.

For those of you who've closed cards before, did it actually affect your score? Any tips on how to do it safely or alternatives to just closing it outright? I'd love to hear what's worked for others!

 

[noah.kim]

It can, depending on your overall credit situation. Closing a card might shorten your average account age and reduce your total available credit - both of which can impact your score. I learned that the hard way after closing an old card I barely used; my utilization jumped overnight. Now I just keep older cards open with a small recurring charge and pay them off monthly to keep them active. Have you ever closed a card and noticed a score drop afterward?

 

[alexander.bell]

Closing a card can definitely impact your score, especially if it's one of your oldest accounts or has a high credit limit that helps keep your utilization low. When I was in a similar spot, I decided to keep my old card open but useit occasionally for small purchases, just to keep it active. That way, I didn't lose the account history or available credit. Some people also try downgrading the card to one with no annual fee instead of closing it completely. Have you checked how old that card is compared to your others? That can help decide if it's worth keeping.

 

[logan_evans]

Yes, closing a credit card can lower your credit score, but it depends on a few factors. One big factor is your credit utilization. If you close a card, you reduce your total available credit, which can make your utilization ratio higher and potentially ding your score. Another factor is credit history length; older accounts contribute to a longer average credit age, so closing them can slightly shorten your credit history. That said, if you're closing a card you never use or one with a high annual fee, the impact might be minor, especially if you maintain other accounts responsibly

 

[ethan.murphy]

I actually went through the same dilemma a while back. I ended up closing one of my older cards that I barely used, and my score dipped slightly for a couple of months but bounced back after I paid down some balances on my other cards. If the card doesn't have an annual fee, you might consider keeping it open and just using it for small recurring payments to keep the account active. That way, you preserve your credit history without it gathering dust.