what happen to your credit score when you closed a credit card account?

Answer 1

It can cause your score to drop because your score is calculated on the length of your history and balance to limit ratios of all your trade lines combined.

Example: you have 6 accounts all have 12 months of history that's an average of 12 months. Say you close one. That will cause your score to drop because by closing an account doesn't mean you're completely getting rid of it. Now the average would be 10 months because you still have 6 accounts and only 5 of them have 12 months of history length because the 6th is closed.

Hope this makes sense.

Answer 2

Like the first poster stated, you may lose age on your reports, which will hurt.

Another thing that could hurt is that you will also be losing the credit limit from that account. That will raise the overall utilization on your reports.

Answer 3

your credit score will drop...accounts only look good when you've had them for like 40 years or something ridiculous...but they think at least 7 is pretty good...it depends on how long you've had the account.