If I cancel one of my credit cards, will my score on my credit report be affected?

Answer 1

If you just opened the account and plan on closing it, your scores won't be affected. If you have had the card for any length of time it will affect your scores due to losing history and available credit.

I agree with the other poster, pay off any balance and stick it in a drawer. Use it once or twice a year for a small purchase then pay in full.

If you are paying a fee to have the card, and you have had the card for almost a year, call and see if they will do away with the fee. If they won't, and you don't want to pay the fee anymore, it probably would be best to take a hit on your scores and close it. If thats the case, try to replace it with a no fee card before you close it.

Answer 2

yes. your score and your report will be adversely affected either way. Just like the others suggested, pay it off, but keep it active, and dont use it. The credit limit will be a factor as far as debt to income ratio is concerned, but it will look better than "closed by account holders request" to potential creditors.
Its a lose lose situation, sorry.

Answer 3

Yes in the short run. one of your credit score components is debt raio to available credit

for example: you have 2 credit card with 5000 each, you carry a balance of 2500. your debt ratio is 25%.

If you cancell one card. your debt ratio is 50%. It dramatically impact your score

Solution is paying down the debt first before cancell the card

Answer 4

It depends on your credit right now. But to get some better info try reading the book "Total Money Makeover" by Dave Ramsey. He teaches you NOT to worship at the FICO alter. Great book with great info.

Answer 5

It will say closed by customer request. So it shouldn't affect you.

Answer 6

yeah it affects your FICO score

so dont close it

just pay it off

and dont carry a balance

Answer 7

no