How Much Will Your Credit Score Be Hurt by Closing a Credit Card Account

I have to raise the BS Flag...

I had a 15 year Citibank card that I closed due to the annual fee as well recently.

That hit my credit score 8 points but then the 8 points magically reappeared 2 months later.

So, a 90 point drop for one card - I doubt it!!!  Plus, he states that he charged $200k over 10 years, never a balance or paid late!  The past 7 years of that awesome trade line on his credit report does not just go POOF...it slowly erodes, 1 month at a time for the next 7 years.  That ain't no 90 point drop!

So, I fly the BS flag on this...

 

BTW, my credit score is 793 FICO.

 

What happens if you are one of those people fed up by high interest rates on credit cards and had overused them and then decided to close all of the accounts in one big swoop?  I guess after seven years, all of your account information will drop off your credit report and then when you later decide to get a car loan and when the dealer pulls up your report, it has no credit history for you and therefore you get rejected?

I agree with Bill who raised the BS flag. Closing one credit card does not cause such a big drop. Most replies in the FatWallet thread also don't believe that was the reason.