Level 15
Level 15

Credit score

@tagteam wrote:

@ncalb55 wrote:

Don’t ever close a credit card account. It will have a negative effect on your score. 

I agree. The two main reasons to close a credit card account are (a) if the card has an annual fee, and (b) if the cardholder has an impulse control issue.

I can think of one other reason to close a credit card account.  That would be to avoid additional "damage" in the event of identity theft.  In my opinion, the fewer credit accounts one has, the less clean-up would be required if identity theft did occur. 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***