will credit scores be affected by Aspire closing accounts

[Anonymous]

I am sure this has already been brought up in the boards but I cannot find it. My husband has an Aspire card and as we all know, the company is shutting down everyones accounts. He still has a balance left to pay, what will happen to his credit? will it go down and when sould he get another card? we rarely use credit cards, just for building up credit so this is his only card. Thanks!

[cobaltnv]

My suggestion would be to get a new card now and not wait for the account to close. The effect on your husbands credit score will be based on increased utilization. If he still has a balance and that is his only credit card it is likely he will appear to be maxed out (and maybe even over the limit??). However, I am not sure about this. If he appears maxed out on his only card that could make getting a new card more difficult. 

If possible pay off the card and get a new one.

Good luck.