Mogul of Pineapples wrote:But what you need to keep in mind is that it might hurt your credit. It could show on your credit report that the card was closed by the bank (not you). The other thing is that the credit limit is usually instantly cut to the amount of your balance, so it will show you are using 100% of your credit limit.
I finally got around to checking my credit report and neither of those things are true.
My credit report shows both cards with the original credit limit, and the "percent credit used" number that applies to the whole credit report is in line with the original credit limit and current balance.
Also, it says that the card was closed by me and not the bank. After all, I am the one who requested the closure.