Jan 25
does anyone know if i cancel a credit card would it hurt my credit score??? i tried canceling my credit card a while ago and they told me if i canceled the card it would hurt my credit score because i have had that card for 3 yrs now. Is it true or is it just a scheme to get me to keep the card and not cancel it?????
Its a scheme…
Cancelling a credit card will never hurt your credit.
You normally build your credit by using credit cards and making payments on time. But cancelling a credit will never hurt your credit. For all you know, if you have too many credit cards already, then cancelling a few will actually improve your credit. Every credit card against your name shows up as a creditor in your credit history. And too many creditors is bad.
You look much better if your total line of credit is proportionate to your total income.
Cancelling your credit card will NOT hurt your credit score. In fact, having too many cards will lower your score.
I’m in the business. You can cancel a credit card at anytime without it hurting your score. Infact if you have many cards it would be wise to get rid of a few, then your score could actuallu go up. Too much extended credit can hurt your score. If you are going to make a large purchase like a house make sure you have at least 4 open lines of creit, Like a car, and a credit card etc. They look for creidt history and if you can’t pay your bills no one wants to lend you anything.
Also, don’t pay a yearly fee for a credit card, if your a good customer they can wave that fee.!
What they are talking about is that you have established credit with this card, if you cancel, you lose that established credit which in an absense of other long term cards on your report could actually hurt your credit score by making it lower. You credit score is based on several factors, payment history, amount of available credit opposed to debt … etc …
If you are not using the card, and you have other credit established, cancel the card. It wont hurt you.
What they all said.
its a lie the only time it will hurt your credit score is one you either one don’t make a payment or a late on or if you go over your limit.
it will hurt your credit in that, you will lose established credit. if there is no annual fees to the card, keep the card and don’t use it. having credit that is open for a long time is very beneficial to your credit score and the credit file.
Its a myth, it wont affect your credit score: