How to close a credit card account? Will it affect my score?

[Credit]

I have a credit card that I don't use at all. I want to close the card. Will it affect my score?

[Cash920]

If you want to close a credit card account, follow the steps below:

1. Send a letter to request the credit card account that you to close
2.Also request credit card card issuer to report credit bureaus that the account is closed upon consumer request
3. After couple of months confirm that the credit card account is really closed.

This way you can assure that there will not be any impact on your score.

You might find http://www.cashorcredit24.com/category/credit-cards useful

[bdancer222997]

About 14% of your score is based on the length of your credit history. Closing your oldest credit card account would hurt your score.

Also, if you carry balances on other credit cards, closing one will lower your overall limit which could increase your debt percentage. Carrying balances of more than 30% hurts your score. Paying off the balance will quickly boost your score. If you don't carry balances on other cards, this really won't impact you.

If you opt to close the account, do it via letter and request written confirmation that the account is closed and 0 balance. Keep your request and the confirmation in your "forever" financial file.

By the way, it really makes no difference if the account says closed by consumer or creditor, as long as the account is in good standing. Many credit cards accounts are closed by the creditor due to inactivity. An account in good standing showing closed by creditor does not hurt your credit/score at all.