Would closing my Exxon/Mobil gas account effect my credit score?

Question

I have three active credit cards that give me decent rewards. Exxon/Mobil gives me nada. The account doesn't have any balance.

Answer 1

It could affect your score negatively in a very minor way - meaning it would probably only be a few points and would likely correct itself quickly. If anything happens, it should only be temporary.

You're on the right track by keeping a few accounts open. Just keep the balances under 50% of the limit and keep your payments on time and you should be in a good spot!

Answer 2

Slightly.  I wouldn't worry.  You will lose some benefits for the history and some for the unused available credit.  But, if you have three other cards, this shouldn't matter much.

Answer 3

If anything it will help your credit score. The more open credit cards you have, the lower your credit score gets.

Answer 4

It will cause your credit score to dip, but only temporarily. Closing revolving credit accounts affect your credit score significantly only if you close several of them at once and you don't have other existing lines of credit (in good standing). When you close down a credit line make sure that the creditor reports to the credit bureau that the account was close at your request, and make them send you a letter to that effect. Also make sure that the balance is zeroed out completely. If even only a few pennies from residual interest charges are still hanging on there it will show up on your credit file as an unpaid balance.