Closing a credit card account when your credit is bad: Plain Dealing
News from Plain Dealer:

Howard M. Metzenbaum U.S. Courthouse, aka bankruptcy court, Cleveland

I’m trying to decide whether to close a credit card I no longer use.

In the last few years, I’ve been through bankruptcy and a short sale. I have a credit card I opened before the bankruptcy that I’ve always kept in good standing. But the card costs $ 120 a year, and I keep it in the freezer.

I’ve remarried, and my husband put me on one of his cards as an authorized user. If I close my old credit card, will it hurt my damaged credit score even more? Will it hurt my husband’s?

— Name Withheld, Strongsville

Dump the card.

If you had no other credit card, I’d suggest you hang onto this account until you built up enough good payment history to qualify for a less expensive card. But you already have access to a better card.

If you owed a lot of money on other credit cards, I’d definitely recommend keeping this account open until you could pay down your other card debts. But you keep your accounts paid off.

You don’t use the card anymore, so it’s not helping you build u…………… continues on Plain Dealer

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