Your credit score could be affected by closing a credit card if
The card still has an account balance.
It still has available credit when your other cards don't.
It was the first card you ever opened (though this won't matter for around Ten years)
You haven't any other credit cards
Closing credit cards never raises your credit score. Closing the credit card won't erase the card's history from your credit report, nor will it keep the history from being included in your credit score calculation. So, if you're closing a credit card to increase your credit score, think again, because that tactic won't work.
Because there are so many different statements about how closing a credit card affects your credit score, I spoke with Craig Watts, Public Affairs Director at FICO to clear up some misconceptions about what happens to your FICO when you close a credit card.
Your credit score could be affected by closing a credit card if
The card still has an account balance.
It still has available credit when your other cards don't.
It was the first card you ever opened (though this won't matter for around Ten years)
You haven't any other credit cards
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When you close a credit card account, you hurt — not help — your credit.
Closing credit cards never raises your credit score. Closing the credit card won't erase the card's history from your credit report, nor will it keep the history from being included in your credit score calculation. So, if you're closing a credit card to increase your credit score, think again, because that tactic won't work.
Because there are so many different statements about how closing a credit card affects your credit score, I spoke with Craig Watts, Public Affairs Director at FICO to clear up some misconceptions about what happens to your FICO when you close a credit card.