Is it bad for my credit score if I close a credit card account?

Some one told me it was bad for my credit score to close a credit card account but that person was not sure about that. Is is true?

Is it bad for my credit score if I close a credit card account?

Yes, it could hurt your score because it decreases the amount of available credit that you%26#039;re able to use giving the appearance that you%26#039;re using more than you%26#039;re able to use. Also it eliminates the payment history on all the open accounts.

Is it bad for my credit score if I close a credit card account?

It will most likely improve your score if you already have a few credit cards open. Otherwise if you dont why bother?

Is it bad for my credit score if I close a credit card account?

Never bothered me...Open and close credit cards for air miles...I%26#039;m at 720 now...

Is it bad for my credit score if I close a credit card account?

Yes, it is bad because it lowers your debt to credit limit ratio. Your debt to credit limit ratio measures how much debt you have in relationship to how much credit you have. Example: If you have $2,000 worth of credit and owe only $1,000, your debt to credit limit ratio is 50/50. This ratio makes up a portion of your credit score. The best thing to do is keep the card open and use it every few months for a small purchase. Then, pay the entire purchase off when you get you bill, this way you pay no interest and you have built up a positive credit history while maintaining a positive debt to credit limit ratio - it%26#039;s a win/win/win!! Hope this helps! Good luck! :o)