D
Dicky N
Guest
I have heard so many conflicting ideas about closing out credit cards, so here is my situation:
I have a fairly good credit score at present (711 from Experian), and I'm 19 years old, so I've just started building my credit within the last year. I have 2 accounts open: my regular Wells Fargo credit card, and I recently opened a David's Bridal credit card in February to help buy a dress. The credit limit on the Wells Fargo card is $1,200 and David's Bridal is $500. I have no late payments on either card.
As of next month, the DB credit card will be paid off. Would it really hurt my credit score to close it out, or should I just leave it open? I know I won't be purchasing anything from DB again, so I don't really have use for the card, but I'm not sure how adversely it will affect my score to close a card with a $500 limit. Thank you in advance!
I have a fairly good credit score at present (711 from Experian), and I'm 19 years old, so I've just started building my credit within the last year. I have 2 accounts open: my regular Wells Fargo credit card, and I recently opened a David's Bridal credit card in February to help buy a dress. The credit limit on the Wells Fargo card is $1,200 and David's Bridal is $500. I have no late payments on either card.
As of next month, the DB credit card will be paid off. Would it really hurt my credit score to close it out, or should I just leave it open? I know I won't be purchasing anything from DB again, so I don't really have use for the card, but I'm not sure how adversely it will affect my score to close a card with a $500 limit. Thank you in advance!