Credit Score

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If I cancel my credit card, my credit scores is going to get low?

Not A Product Question

bluedebAnswer

Alumni - Champ

Yes, when you close a credit card account, you lose the available credit limit on that account. ... Another reason closing a credit card can cause your score to drop is that it can lower the average age of accounts on your credit report, especially if it's an account that's been open for a long time.

See the following for more information.

https://www.experian.com/blogs/ask-experian/will-closing-a-credit-card-hurt-your-credit/#:~:text=For%20starters%2C%20when%20you%20close,credit%20limit%20on%20that%20account.&text=Another%20reason%20closing%20a%20credit,open%20for%20a%20long%20time.

bluedeb

Answer

Alumni - Champ

See the following for more information.

Opus 17

Level 15

In most cases, it will be better for your credit score to keep the account open, paid off, and not used. However, if you will be paying annual account fees to keep it open, or if you would be at risk of misusing it, then just cancel.

cgervasi

Level 4

@DebbieValkyria wrote:
If I cancel my credit card, my credit scores is going to get low?

If you have no use for the account, I would close it without regard to credit score. The idea that credit score matters is a myth. Net worth, income, and cash flow are what matter to your financial world.