To close or not to close?

[Anonymous]

Hi all. In December I purchased a new guitar. I went a few steps above what I was originally looking at due to the 12 months 0% financing they were offering. 

At the time, I was monitoring my credit for fun, at CK, and that's when I realized that the *free financing* they offered actually affected my credit score... Had I known it was going to take the hit it did I would have just sucked it up and threw it on one of my active cards... ( I couldn't resist the sound of a Taylor as soon as I played it ) 

So, to get to the point.. It is a Synchrony account, and after checking my report on myfico.com, I see that it appears as a "Charge Account." The credit limit on it is $3500..... not too high for me, as my credit cards range between $6000 and $7800. 

I'm just wondering if, since it's a charge account, it would benefit me in anyway to close it as soon as I pay it off? Or should I just sit on it and let the lender close after no usage? I have no intentions of using it afterwards. If I close it would it get rid of the "recently opened account" status that comes with it?

Thanks!

[takeshi74]

This thread is linked in the Helpful Threads sticky in the Credit Cards subforum:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Use the information in it along with your needs/wants/preferences/priorities to determine whether to close it or not.  Do not rely on the commonly suggested "keep open if no AF".  You need to decide based on your own critieria.

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@Anonymous wrote:

If I close it would it get rid of the "recently opened account" status that comes with it?

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Nope.  If it was recently opened then it is recently opened whether open or closed.  Only time will change that.

[Anonymous]

Thanks, so the same general guidelines apply to a "charge account" or does that make it a bit different? I've gotten advice in both directions.

My util will basically go unchanged as it is a smaller limit account.