Does closing a new account hurt my credit score?

Hi everyone,

I have a score of 729 and 7 revolving accounts (only 1 with a balance). I opened up a store credit card (Express) to take advantage of a 30% off offer 4 months ago and have already paid off the balance. I%26#039;ve read that closing accounts usually hurts your score because it shortens the average age of credit, however, would my score still fall if I closed this account? Since it%26#039;s the newest account, it would actually lenghten the average age of all my accounts if I were to close it (but lower my total available credit by just a bit).

Does closing a new account hurt my credit score?

Yes, it will hurt your credit, so why do it?

But you have a very decent credit score and the damage to it will only be minor say 20 points. Once you pay off a credit card you never have to use it again. The credit just remains unused. So you don%26#039;t have to cancel the account, just pay it off and let it go inactive. Canceling a card shows that in someway someone no longer feels that you can make those payments. When the entry is made there isn%26#039;t an explanation that goes along with it.

If you have such a high credit score then you are wise to want to protect it, but why obsess over it, unless you plan on buying a house soon. When evaluating you for a loan the loan company is going to look at your score and at how much credit you have available. They don%26#039;t care if you have ten cards or twenty. In fact the more cards you have usually the better.

Does closing a new account hurt my credit score?

loan

yeah it will...just slightly. it shows that you are not faithful. and that%26#039;s what the credit comapnies look at when they are deciding whether or not to give you a loan/credit card|||no it wont hurt...store credit cards are hrrible because they have a low credit limit, thus thye do very little to help in your overll score. that is why experts say to stick with visa, mc, amx discover, etc