Top 5 Reasons to Close a Credit Card

If you’re thinking about closing a credit card, there are a few things you should take into consideration. First, you should make sure you understand the implications of closing a credit card. Second, you should consider whether or not you can afford to close the card. And finally, you should decide if there’s another credit card that would be a better fit for you.

Using your credit card while closing on a house.

It’s advised to hold off on getting any additional loans or credit until after your home closes. You could be tempted to make large purchases or apply for new credit cards as you count down the days before your closing because you believe these actions won’t have an impact on your credit scores or dti until after your mortgage loan closes.

Using credit card for closing costs.

Employ credit cards
however, if you’re in a bind, is it possible to pay closing fees with a credit card? Yes, but within reasonable bounds. Homebuyers frequently use credit cards for at least some of their closing fees, especially if they arise early in the buying process.

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