@Anonymous wrote:
I hope I didn't do something stupid!! I just finally got my credit to 752 ( was in the low 600) I had an old American Eagle card with a $125 limit that I just closed yesterday I am really worried that it will effect my credit score.
Welcome to the forums!
TL;DR Nah, well unlikely in the extreme if you have other credit cards.
Closing a credit card has three potential negatives (assuming it was $0 before closing):
1) Reducing your aggregate limit, unlikely if you have other cards or aren't carrying much balances anyway, especially when we're talking a $125 CL in your instance.
2) Reducing the number of cards used in calculating number of cards with balance ratio: short term issue anyway (as you can always tweak reporting next month).
3) If you fall below the minimum number of open revolving tradelines (usually credit cards) for mix of credit function: which seems to be 2, or possibly 3 for maxxing the scorecard.
Beyond that it would have no impact on your credit for the next 10 years (how long the account will stay on your report, closed accounts still help Average Age of Accounts - AAOA), and for any credit user, in 10 years it's likely irrelevant anyway.
