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Quick question. Will it impact your credit to close a card after you receive the bonus and meet the minimum spend to avoid the annual fee for the next year?
All the best.
Yes it would. Part of your credit score is based on credit utilization and if you close a card, your overall total credit limit is lowered, meaning your utilization will seem higher.
While I assume you’re paying off balances each month, you do so after the statement closes, not before, so that technically, you do have a balance on your account. That balance does get reported up, which is part of how the credit bureaus get information to calculate that score.
It will also impact your average age of accounts and a number of short-term cards on your credit report can lower your score since they stay on your account for several years after closing.
Lucky just made a post about this