Legal Question in Credit and Debt Law in North Carolina

Yes. How bad it will be depends on your other existing credit and how many other credit cards or existing lines of credit that you have.

Rather than close the card, I would simply stop using it OR, once the balance is paid in full, use the card, maybe every other month just to buy a tank of gas or groceries. Then pay the bill off in full. By doing this, you will help your credit score by making it look like you have this untouched available credit.

Go to www.myfico.com. They have a simulator there where you can play around with this just to see how it would affect your credit.

If you will not take much of a hit and will not be needing credit any time soon, then go ahead and close out the account.