Whats the pro's and con's of closing a credit card account that was only open less than a year?

Answer 1

lady pay your credit card off and cut it up. don't cancel it! please don't cancel it. it will ruin your credit financially for some reason.
i wiish i never got into one myself.

Answer 2

It is fine to close it if you have other cards that have been open longer. If this is your only card and/or your only "open" credit and you close it, there is nothing to help keep your credit score up. If that's the case, keep it open and use it once in a while, but be sure to pay it off right away if you can. If you have other open credit lines, go ahead and close it. The best thing to do is go to www.annualcreditreport.com and get copies of your reports for free. Then you'll know exactly where your credit stands.

Answer 3

Pro -- stop paying outrageous monthiy fees or high interest in your case.

Con -- it does effect your credit rating, the credit agency will view it on your reason why you want to closed it within a year, was it due to your inability to keep a stable income.

They will see this as a history as to your trustworthy for future credit applications.