What's the best way to close a credit card account without affecting my credit?

Question

What's the best way to close a credit card account without affecting my credit?

Answer 1

Closing a card should not effect your credit rating much.  

More than 2-3 card is bad for your credit.  However, the ratio of your debt to your overall line of credit is factored in as well.  Obviously, when you close an account (with no balance) this ratio is negatively impacted.

Another thing to keep in mind is the length of your overall credit history.  I'm not sure, but I think it would be good to not cancel your oldest card.  I canceled my oldest and now my credit history has always been 2 years younger than it should be.

Overall, the impact of closing a credit card should be minimal.

Answer 2

If it is one of your oldest credit card or the only one in your credit report your score will go down when you close it.

Why do you want to close the credit card? If it has an annual fee, can't you get it converted to a no fee credit card

Answer 3

for your sake DO NOT close your credit card. it will bring your credit score down. just keep it only if you buy $25 of gas and pay it off as soon as you get paid. i mean if you pay it off on time you have nothing to worry about. just GOOGLE closing a credit card and it will help you answer what u r looking for.