- Centurion Member
- Posts: 107
- Joined: Thu Mar 29, 2012 7:55 am
- Location: Atlanta, GA
It seriously depends. Your score is weighted on numerous different factors. Typically, closing a credit card can hurt your score because it lowers the available amount of credit. So, if Fred has 10k in cards and 3k in debt on those cards, one day he decides to close one of his two cards, say for simplicity sake one with 2k CL. He'll notice a dip in his score because he'll have 3k in debt over 8k in credit limits. Basically, 30% credit utilization becomes 37.5% by taking away 2k of available credit.
There are plenty of other factors. The age of the card, how many cards you have besides that one, and so on... So typically it hurts.
American Express '02: Platinum, Blue Cash Preferred 6k, SPG 2k, Delta Gold 1k
Barclaycard '11: Apple Financing Card 2.5k
Citi: Diamond Rewards 1.5k
Chase: Freedom 500
Discover '12: Discover IT 1.5k