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Suze Orman fans: please help! What does she say about not closing credit card accounts?
I have just paid off one of my credit cards, YAY!!! WOOO HOOO!!! So, now what….Should I leave it open? Will it hurt my credit to close it? and tell me why? Thanks, 10 points to the best answer!
Hi @Torn! Most experts would advise to leave the card open, but it depends on your circumstances. The reason that closing a credit card can hurt your credit score is because of something called credit utilization. About a third of your credit score is determined by “amounts owed,” and a big piece of this is credit utilization. Credit utilization is simply how much credit you have (balances) compared to how much credit is available to you (limits) – the lower, the better.
When you close a credit card account, you can increase your credit utilization *IF* you carry balances on any other credit cards. That’s because your total balances aren’t changing, but your total limits are. That works out for a higher credit utilization, which can take a toll on your score.
That said, credit utilization only comes into play if you don’t pay your credit card bills in full each month. And it doesn’t actually hurt your credit score unless it’s really high – at about the 50 percent mark, your credit score will start to take a big hit.
Contrary to popular belief, you do NOT lose your credit history on a credit card by closing it. That’s the whole point of a credit report – a record of your history of paying back debt. What can be affected is the average age of your credit accounts, which is just one piece of “length of credit history” that makes up about 15 percent of your score. That may be reason enough to keep the card open, particularly if it doesn’t make any difference either way.
If, however, you have big fees on the credit card in question, then it doesn’t really matter How Many points you’ll lose by closing the account – it’s probably not much and it’s not worth paying fees. Good luck – and feel free to reach out to me through my profile if you have further questions.
Suze Orman – Career Advice For Young People
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