I know that closing credit can ding your score by up to 60 points but I need to close it because I share the card with a sibling and we don't want our credit to be tied together. The balance is all mine and I will pay it off but I can't all at once. The limit is $5,000 and the card is almost maxed out. I would like to close it and continue making payments until the balance is zero. The other option would be to take a loan from my parents (which I'd rather not) to pay off the balance and close it. Is it that much worse to close a cc with an open balance than it is to close a cc with a zero balance? If I wanted to purchase a car or apply for a cc of my own, which of the two options would make my credit look worse? And how long might it take for your credit to go back up to normal?