Closing a credit card. No balance. Does it lower your credit score?

Question

I have a credit card with no balance that i don't really use. Could it affect my credit score if I close it? If so, Do yo recommend changing it for another type f credit card from the same company? 
I am keen about reward programs. 

Please advise

mailaccount63 · Accepted Answer

Yes, if you close this credit card it will LOWER your credit score.

Anonymous · Answer

Whether canceling a credit card will hurt your credit score or not depends on various factors like how long you've had the account and your available credit limit. Here's information that can help you understand what affect it would have: http://moneygirl.quickanddirtytips.com/canceling-credit-cards.aspx.

MOZ · Answer

YES. Do not close the credit card. Call them, and have it made "inactive," or put a lock on it, so no one can use it, but do not close the account. It WILL lower your credit score. My husband found this out the hard way, so we now have inactive accounts that we never use, but will no longer close out, so as to prevent this from happening again.

? · Answer

Yes, it will affect it.  Keep it open, it helps to keep your debt/credit ratio good, even if you do not use it.

Trending News

Closing a credit card. No balance. Does it lower your credit score?

4 Answers