How much will it really hurt my FICO scores to cancel a credit card?

I don%26#039;t owe them anything, my FiCOs are in the 760 range, i have plenty of revolving debt, a mortgage, other major credit cards, department store cards, etc. Yeah, I could keep the account open and just not use it but this credit card provider, Chase, is just so scuzzy that i want nothing whatsoever to do with them.

Can anyone give a ballpark estimate about how many points this will nick me for, if any? Thanks.

How much will it really hurt my FICO scores to cancel a credit card?

It depends on how long its been open and the credit limit and how much you owe on your other credit cards.

If it%26#039;s you oldest trade line, it could damage your score quite a bit. If it is your biggest limit card it may throw off your capacity ratio. For example, if I have 2 credit cards one with a $1000 credit limit and another with a $5000 credit limit and I owe $500 on the first card then I only owe 8.3% of what I have available, this may lower my score by 4-5 points, BUT, if I close the $5000 credit limit, then I owe 50% of what I have availble, cuasing my score to drop by 30-50 points! Capacity is huge.

Remember your income is not on your credit report so the assumption is that if you don%26#039;t use all of your limits, then you don%26#039;t need the money, but if you do, you NEED the money and must be struggling. Therefore, your score goes down.

The FICO is an indicator of financial health and how likely you are to go into bankruptcy. It may be your best bet to leave the card open and not use it very often, if you do, make sure you can pay it off at the end of the month.

How much will it really hurt my FICO scores to cancel a credit card?

It won%26#039;t hurt you so much. Be sure to pay if off and close the account though, or they%26#039;ll leave it open!

How much will it really hurt my FICO scores to cancel a credit card?

Should help your score actually. Shows you%26#039;re getting rid of unneeded credit.

How much will it really hurt my FICO scores to cancel a credit card?

Hi,

Since, you don%26#039;t have payment default issues, canceling the credit card may not have any impact on your credit score. But, still you can keep it if the annual fee is not too much. Check out http://financeguru.consumerspot.info for some useful info and tips on the matter. Good luck!

How much will it really hurt my FICO scores to cancel a credit card?

While closing the account will impact your score, it should rebound quickly.

Make sure to close the account in writing and request written confirmation that the account is closed.

This is particularly important with Chase. I closed an account and a year later got a bill for annual fees. Seems they didn%26#039;t close the account, just lowered the credit limit way down.