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Will closing a credt card hurt your credit score? Atlanta, GA

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Will closing a credt card hurt your credit score?

Ira and Jamie Gingold Bankruptcy Attorneys in Atlanta GA

Many people in Atlanta have probably experienced some sort of frustration with credit cards. Maybe you ended up over your head in debt after a job loss or medical procedure. Others may simply feel that they have become too reliant on a credit card or two. In either of these situations — and many others — people often consider closing a credit card. There are some situations, however, in which closing a credit card may do more harm than good.

One reason to keep a card open is if you are trying to build up good credit. If you don’t have overwhelming debt, continuing to use a credit card occasionally for small purchases can maintain the good credit you have established. By closing the card, your good credit won’t show up on your credit report in seven to 10 years.

Another reason to keep a card open is to keep your utilization rate low. Your utilization rate is your credit card balance compared to your limit, and it encompasses all credit cards you have. The lower your utilization rate, the better your credit score. So, if you have a $1,000 balance on a card with a $2,000 limit and have no balance on a card with the same limit, and you close the second card, your utilization rate will go from 25 percent to 50 percent.

There are some situations, however, where closing your credit card is best. If you have a habit of overusing a credit card, closing it may be the best choice. Although you will still be responsible for paying down the balance, getting rid of a card that tempts you to overspend is probably the right call.

Source: U.S. News & World Report, “When to Perform Plastic Surgery on Your Wallet,” Bethy Hardeman, March 27, 2014

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
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    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

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    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

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    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

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