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DebbieValkyria
New Member

Credit Score

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

1 Best answer

Accepted Solutions
bluedeb
Level 15

Credit Score

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...

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3 Replies
bluedeb
Level 15

Credit Score

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...

View solution in original post

Opus 17
Level 15

Credit Score

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.   

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
cgervasi
Level 4

Credit Score


@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.

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