Is this good or bad to my credit score?
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I don’t usually use credit cards, but I must apply for one for a specific $2500 purchase I need to make.
Will it hurt my score if I open a credit card to make one purchase ($2500), pay it off, & close the card?
Tnx
Shelly
It’s not so good…
Shelly,
I’m not sure if I follow you. Do you want to make a one time payment and than close the c.c. or is there a series of payments and only than you’re planing to close the c.c?
A one time payment would probably do nothing to your credit report, because it wont be opened long enough to affect your credit.
If you’re talking about payments than assuming you keep them – it will help a lot to build your credit.
As to closing the credit:
Generally speaking it’s not good to close credit card because it reduces your available credit, so your credit utilization goes up. Anything above 35% will hurt you.
I also assume you even qualify for a $2500 limit.
Loosing it can lower your score. However, if you pay fees on this card i’m not sure if it’s worth keeping just for your score.
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