Yes, if you close a credit card account you may lower your credit score. Before discussing that let me correct what may be a misconception on your part. There is no family or household credit score. Each person has their own credit score. In the case of a married couple, one spouse may have an 800 score, and the other 420 depending on their repayment history. See the Bills.com resource Credit and Marriage for more on this subject.
Regarding your question, if you close a credit card account, make certain you do not close the oldest account. See the Bills.com resource Credit Cards History for additional discussion on the variables that go into a credit report equation. In a nutshell, the oldest account sets the starting point of a person's history. If you close a credit card account that is the oldest, your history may reset, and cause decrease in your score.
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Best,
Bill
www.bills.com/
February 23, 2010
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