Does it hurt your credit if you close an account 2 months after you open it? Fully paid off, of course. My wife got this, and I told her that it sucks. She got the first statement, with all the fee's and stuff. NOW she believes me! A little late, but... So, if we close this account, will this lower her FICO scores (other than the inquiry)? Thanks! Dustin
It can lower your score by raising your balance to credit limit ratios. If those ratios are 44% or under you will probably be ok. If not, put the card away or cut it up but keep the account open. I tanked my fico scores and ability to get credit by closing almost all my accounts after I lost a card and got spooked. I thought I was doing something financially responsible for lowering my risk of having a card or cards lost/stolen. I've been penalized ever since and cc companies raised my interest rates based on account reviews using the scoring model.
