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Will canceling my account affect my credit score?

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deeda9

Joined: 28 Feb 2010
deeda9's page
Posts: 2

27 Magic Points

Subject: Will canceling my account affect my credit score?

Sun Feb 28, 2010 2:16 am

I want to cancel my lane bryant account but, dont want my credit score affected

deeda9

Joined: 28 Feb 2010
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Posts: 2

27 Magic Points

Subject: Does anyone know?

Sun Feb 28, 2010 2:23 am

Please reply!!

cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Sun Feb 28, 2010 3:41 am

deeda, this can affect your score because of utilization. that means that you try to use a low percentage of your available credit. as in, you have several cards open but you only spend 100 dollars on credit, and it adds up 10% of your available credit of 10,000. if you close an account that you aren't using then your total available credit goes down to say 9000. then percentage of credit used will go up. this will lower score, but probably not by much. It is just a store card not a visa or amex, and if your credit limit wasn't that high then it won't change much.
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fireyone

Joined: 26 Feb 2008
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Posts: 4285

127 Magic Points

Sun Feb 28, 2010 11:17 pm

Also if this card is an old one it may do more damage. If it shows years of good payment history then you are losing all that good reporting. If you must close it then you can but if it is a long history I would charge something little on it every few months and pay it off. Is there any annual fees with this card.

Aaron

Joined: 08 Feb 2010
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Posts: 2675

48566 Magic Points

Subject: closing an account will affect credit score

Mon Mar 01, 2010 5:24 am

Hi Deeda,

I agree to what both cinnamngrl and fireyone has said. It is true, that closing an account may damage your score. It will lower your available credit, thus your percentage of usage of credit will go up. This, as a result will affect your score. Moreover, if you have a good history on this card, closing the account will damage your score all the more. Payment history plays the most important part in maintaining and developing the credit score.

Thanks,

Aaron.
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cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Mon Mar 01, 2010 2:06 pm

But it is just a lane bryant card. Unless you have had it open for 10 years and have 10000 credit limit, I think the difference will be small.
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