Saturday, August 18th 2018


Does canceling a credit card hurt your credit score?

Interesting Question?   (3)   (3)

Answers (1)

9th Dec 2009 by Daniel Cross, ChFC

Cancelling a credit card can actually hurt your credit score by way of how it is calculated. By eliminating that extra line of credit, you cut your debt to credit ratio and make the debt seem larger even though it hasn't changed. It's usually a good idea to keep at least one extra line of credit open, if only to boost your credit score but in the age of identity theft and security fraud, keeping track of multiple credit card accounts can prove more difficult than it's worth.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of

4th Dec 2009 In USA 1 Answers | 818 Views
Subjects: credit score,

Answer This Question / Give Your Opinion
Does canceling a credit card hurt your credit score?

Answer: *

What country is this answer relevent to? *
Your Name: *

Enter Verification Number: *

Give Your Opinion
What are fiduciary services?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
What are fiduciary services?
Unanswered Questions in USA
Which banks offer the highest time deposit rates in the USA?
Which are the best mortgage brokers in New York?
What is a 1040ez form?
What does it mean to monetize debt?
What are the different types of Golden 1 Credit Union credit cards?

Answered Questions in USA
What is wall street?
Does canceling a credit card hurt your credit score?
Who are the largest companies in the USA?
What is a 1099 form?
Which bank has the highest cd rate?
Ask A Question
Get opinions on what you want to know:
Specific to any country?