Can closing a credit card account too early hurt your credit score?

I opened a credit card account with my bank in December. I have made some purchases and will have the balance paid off soon. I am relocating to a new job, and my bank is not located in my new city. I will be closing my checking account with my bank, and would like to close my credit account with them also. Will this hurt my score, since I have had the account, for such a small time?

Can closing a credit card account too early hurt your credit score?

Sorry but you need to keep that account open for 2 more years and don%26#039;t use it. Part of your credit score is determined by the amount of available credit you are using. For example, if you have 4 credit cards, each with a limit of $2500 for a total of $10000. If you owe $2500 total you are using 25% of your available credit. But if you close one of those accounts then you have a credit limit of $7500 and you are using 33% of your available credit, which will lower your score.

If the card is inactive for 2 years or more closing it will not hurt your credit score.

Edit

I would still keep them both open as long as you do not use it. Closing a credit account can actually hurt your credit score. Visit the link below as Clark Howard knows a lot more about this stuff that i do.

Can closing a credit card account too early hurt your credit score?

No the time it is open don%26#039;t matter. Paid off is good

Can closing a credit card account too early hurt your credit score?

No-your credit report will show that you chose to close it out (as opposed to the bank closing it on you). The important part is that you were never late (I%26#039;m assuming), and that it%26#039;s paid off).

Can closing a credit card account too early hurt your credit score?

I think your real question is how will closing your credit card account affect your credit score if you choose to close it as a result of moving. Your FICO score takes into account your debt ratio. That is how much credit you have versus debt. If you pay the balance on your credit card you%26#039;ve got that credit limit as a positive thing. This will help to boost your score. Actually, Suze Orman, provides answers for your question much better than I am doing. She%26#039;s an excellent reference.

Can closing a credit card account too early hurt your credit score?

It depends. If this is your first credit card, then keeping it might help your credit score as long as you keep a low balance. Credit scores are driven by having credit accounts but keeping low balances.

If you have other credit cards, then it is not a good idea to keep open an account you dont intend to use - because someone might just try to use it themselves.

Can closing a credit card account too early hurt your credit score?

Closing and opening credit card accounts does impact your score, but only for a short period of time. If you have no debt, you%26#039;ll be in good shape. To build up strong credit, it%26#039;s important to have a few cards that you leverage and pay off on time.