Closing cc account/how will it affect my credit score
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Posted by Worksucks (216.249.80.56) on December 20, 2003 at 11:59:36:
I have had a cc for over 3 years which I pay an $20 annual fee on. I always paid the small balance on the card to help my credit profile. I opened it to better my credit score and since then I have been able to get my credit score up above 700. I also have mortgage, car payment which I will be finished with in a couple months, and a student loan which I just paid off. I am thinking about opening another cc account with no annual fee. How long should I keep the old credit card account open (or how long of a relationship with the new cc company should I establish) without taking too big of a hit against my credit score. I would just like to elimate the fee on the account, even though it is only $20. I also have an overdraft line of credit attached to my checking account which I never have used which I pay $10. I just have to weigh the $20 versus my credit score and other accounts which I am near the end of. My annual fee is due in March. Any input on this would be appreciated.
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