Does canceling credit cards affect your credit score?

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Does canceling credit cards affect your credit score?

Post by Admin on Mon Oct 16, 2017 12:34 pm

Yes, if you cancel credit cards, you can affect the credit score. Here are some situations where you can not cancel your credit card:

If your credit card is too old then it will have a long credit history. It will cancel the record of positive scores.
If you have no unpaid balance on the card.
If you do not increase the credit limit on other credit cards you have, then your credit consumption ratio increases suddenly. In such a case the credit score will get negative points.
If you default on making credit card payments or if your credit score is already low, continue with the same card when the score is significantly improved. If you cancel your card when your score is low, you can not get another card or credit until your score improves.
Sometimes, some bills and charges will immediately reflect your credit card statement. Wait for an extra month, get a clear statement before canceling a credit card.
Always cancel the card institution status and Free credit score


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