How does closing a credit card account affect credit score?

I want to close a credit card account but I'm going to reapply to the same one (long story, don't ask. it's actually a must. NOT important)





But I have pretty good credit and it's mostly from the credit card that I'm wanting to close (and eventually reapplying).





Will closing my major credit card have a negative affect on my credit score?|||Your payment history is only 35% of your Fico score, lenght of history is 15% and amonts owed is 30%





So if you close an older account and add a new account the new account will not be rated as a good account untill its open for over 6 months (falls under new credit 10% of your score)





You also will loose a older account that helps your score. If your reapplying to the same company, try to keep the same account and request they change the terms to fit your needs. Tell them if they are not willing to work with you your going to cansel the card.|||Thanks!





Will it help if I keep the account until I have a 6+ months credit history (with new credit card account) to close it?

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|||Yes, for some strange reason closing an account actually lowers your credit score. It's best to keep it open and just don't use it. Instead of reapplying, open another. I have had 2 accounts with Chase for years.|||I just checked my credit yesterday, and was reading up on the basics. Assuming that I understood correctly, the two most important points are:


1) It's important that the credit report notes that YOU closed the account (as opposed to the account being closed out by the creditor due to a problem).


2) Your average open credit history is relatively long, which is a factor in your overall credit score. It would be bad to close all your cards and open new ones, as your open credit history would be short. If you have other cards with a longer history, it shouldn't be a problem to close one account and open a new one.





Good luck!|||Companies way your credit history and revolving credit. Closing one and opening up another (albeit the same) may bring your score down (although probably temporarily). Depending on how many cards you have and overall credit limits and balances and income. There is a magic formula but I'll be damned if I know what it is. If you have other cards that you've had for a while than your score shouldn't suffer too much. If this is your only one than who knows.


Sorry it's not much help. If you have decent credit and continue to be good than any ill effects will probably not have to much long term holding power. Atleast that's what I think for all that's worth :-)


Good luck|||Yes, closing a credit card will hurt your credit, since you will no longer have the benefit of that available established credit history.





However, since it is "a must" that you are going to close it, it doesn't really matter what the effect will be, so don't second guess yourself to death. BTW, it will be minimal, especially over the long run.