Hello every one First full I want thanks every one here for sharing all the information without you guys I couldn't made it happens Couple months ago when I join here been reading lots of article and experience from others here And I did already posted some question befor and got a great answers from members here I want thanks every one here for all information I have a question here My experian score right now is good 701 And I have couple credit card I just start building up my credit I had a credit card from first premier bank about 3 months old with 300$ CL And has an annual fess of 95$ I believe And I'm thinking to close it up and canceled it Right now it is 0$ balance on card So if I canceled it or close it would it hurt me my credit score Would it drop my score down or not I have utilize ratio of 22 % And my credit available is 78% Total credit limit is 19000$ And this first premier bank has gave me only 300$ CL and hug annual fees If I canceled it would it hurt my credit I only have it for 3 month old card Thx you for all advice
you might take a very slight hit because of utilization going to 23% instead of 22, but close the card. It's not doing you and good and costing you money.
Thx you for the answer The card has only 300$ CL And I has it only for 3 months now So My available credit. Now is 19000$ So You think I may take bit of hit if I close it Is it bad to close it Or should I leave it and swall up the fees I have some may cards with history and CL is high and no annual fees Amex for example 10000$
The negligible, if any, hit to your FICO score isn't worth the fees you pay. Your score can easily be brought back to where it was and beyond that by paying down your current balances since utilization has a huge impact on scoring.
Plus the account will still report for 10 years after closure so no immediate impact to AAoA
