Reply to Closing Credit Card Out without Negative Impact on Credit

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[quote=Anonymous]755 is an excellent credit score, especially for someone with a short credit history. So kudos!

There are a number of factors in determining credit score, and number of cards, and percentage of used credit can play into it. Sometimes closing a card can hurt your credit because it means you have less relative available credit. But since it sounds like you pay off your credit each month and this is a low limit compared to the other 2 cards, this is less of a concern.

If you close the account, it should still appear on your credit history for 10 years (if it was always paid on time) and count towards the length of your credit history. After 10 years, your credit history would get 1.5 years shorter (to the age of your next oldest account). So you'd go from having a 14 year history to a 12.5 year history, which isn't a huge drop.

Opening new credit can also cause a drop in your score, although opening one additional card is unlikely to cause a significant longterm dip. Also, obtaining a lot of new credit right before applying for a loan can make lenders nervous (they'll look at more than just your FICO score).

These are some very clearly written explanations:
http://www.creditcards.com/credit-card-news/fico-credit-score-account-length-credit-history-1270.php
http://www.creditcards.com/credit-card-news/fico-score-new-credit-loan-inquiry-1270.php
http://www.creditcards.com/credit-card-news/fico-credit-score-account-amounts-owed-1270.php

As for the change from 765 to 755--there are often small fluctuations in credit score depending on the balance you're carrying. Even if you're paying it off each month, there is time before the due data that there's a balance. So maybe you spent more on card in the last 2 months. Mine vary more than that (and variations between the 3 credit reporting bureaus have been as much as 80 points when I've bought my real scores). An inactive card should not impact your credit score.

I like rewards cards that give cash rewards, because then I can use it on whatever I like and am not limited to hotels or flights. Other people have other preferences.

You may want to consider seeing if Wells Fargo has a rewards program that you can convert your account to. This way you wouldn't have to close or open any accounts. 
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