@Joe wrote:Hello,
I have two CreditOne cards, In addition to others. I'm currently using the Debt Snowball to get my credit cards paid off. Next month, I'll be able to Pay off 3 credit cards (Avant and 2 CapitalOne cards.) After December, the CreditOne cards will be ones I'll be paying off. There is an annual fee on one of the CreditOne cards, but instead of charging it in one lump sum, it is spread out over the year. It amounts to $8.25 per month. Ironically, the other CreditOne card doesn't have an annual fee. Would my credit score be impacted significantly if I close out the CreditOne card with the annual fee after paying it off? If so, would it help if I kept it open for 3 to 6 months after closing it to avoid taking a hit on my credit score? I didn't read that anywhere, but that question came to me as I was thinking about this.
Thank You.
Joe
Welcome to the forum.
If closing it significantly increases your aggregate revolving utilization percentage, it could slightly impact your score.
But that being said, don't give it a second thought. It's always a good idea to close one of those monthly fee Credit One cards.
And also keep in mind the cards even though they are closed will provide a positive tradeline on your reports for up to 10 years so I wouldn't worry about it much unless like @SouthJamaica said your utilization is affected
