Will closing this credit account hurt me?

i have had a credit card from BOA for almost a year. 500 dollar limit. My first one. never been late on a payment. I just got another one from the offers in the mail with all the money i realized you have to pay for it when i got it. Its 250 limit and had it only a month. If i pay it off and cancel it will that hurt me. im 19 years old freshman in college. Thx

Will closing this credit account hurt me?

Here is a good article on what not to do, that will affect your credit report.

http://www.creditscorequick.com/2008/01/...

Will closing this credit account hurt me?

loan

yes