Join Early Retirement Today
Thread Tools Display Modes
Will closing a credit card hurt my wife's credit score?
Old 06-01-2009, 09:26 PM   #1
Recycles dryer sheets
Join Date: Mar 2009
Posts: 357
Will closing a credit card hurt my wife's credit score?

I'd like to close my DW's credit card account so we don't have to bother with two accounts. However, I don't want it to negatively effect her credit score. Here's our situation:

Our credit scores are both around 750. Her credit card has been open for 5 years (~$4k credit limit) and I just added her to my credit card account that I've had open for 5 years (~$18k credit limit). We pay our credit cards in full every month. Will closing her card hurt her credit score? If so, any idea how much it will bring down the score?
bank5 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-01-2009, 09:40 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,291
There was some discussion in this thread....
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Old 06-02-2009, 09:48 AM   #3
Recycles dryer sheets
Join Date: Mar 2009
Posts: 357
Thanks for the link.

I've heard some financial advisors say that closing a credit card doesn't hurt your fico score if don't carry a balance and have good credit. Seems like most people on here like to keep their oldest credit card open and I'll probably do the same. I wonder how much it would lower my fico score if I closed it. I'm guessing just a couple of points if any at all.
bank5 is offline   Reply With Quote
Old 06-02-2009, 09:54 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
Join Date: Aug 2006
Posts: 12,483
Yes, and no. The CC companies look very closely at utilization rations. For example, closing a card that has a limit of $10,000 out of an overall credit card limits of $100,000 is no big deal. If you have an overall credit limit of $20,000, it IS a big deal.

I recommend only CLOSING out ONE credit card a year, at most....... CUTTING up cards I recommend all the time.......
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-03-2009, 07:01 AM   #5
Walt34's Avatar
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,255
When we retired and moved DW asked about closing out her one credit card. I suggested she keep it open so she'd have credit in her own name.

I'm six years older than her so statistically I'm more likely to have The Big Ache before she does and in that event she may need or want credit in her own name.
When I was a kid I wanted to be older. This is not what I expected.
Walt34 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 02:04 PM
Best cash rewards credit card for someone with no credit history? summer2007 FIRE and Money 11 10-16-2007 03:23 AM
Credit card closing questions Fireup2020 FIRE and Money 12 08-20-2007 09:20 AM
New credit score available REWahoo FIRE and Money 15 06-22-2006 08:51 AM
Credit Score Strategies Tommy_Dolitte Young Dreamers 18 08-15-2004 07:31 AM

» Quick Links

All times are GMT -6. The time now is 11:17 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.