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Anonymous
Anonymous asked in Business & FinanceCredit · 2 months ago

Should I close my credit card?

I have about a year and a half of credit history, and have two credit cards with Wells Fargo. I have the propel card and the college card. The college card is my second oldest credit card and has a limit of 500, the propel has a limit of 2100. The total limit between all of my cards is around 15000. I've been wanting to close the college card for a while just because frankly the rewards suck and it's more of a hassle to keep maintaining it (putting charges on it every month so the account stays open) than it would be to close it. So my question is would it hurt my credit score a lot to close this account (the 500 limit would be transferred to the propel making the propel's limit 2600 so as not to negatively impact my credit limit) considering it's my second oldest account (but only a little over a year old), or should I just close it and be done with it?

Thank you!!

1 Answer

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  • Anonymous
    2 months ago
    Favorite Answer

    There is almost ever any benefit for anyone to close any credit card.

    Tear it up, stop using it. Just no reason to cancel it unless you just want to reduce your score.

    Unless the card has a fee in which case it should have never been opened to begin with.

    They may try to cancel it in a few years so using it say once a year for even $1 will usually keep it open.

    I have had cards try to close them on me and I ask them not to and they agree not to, just tell me to use it every now and then.

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