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When you close a credit card account, you reduce your total available credit. This may increase your credit utilization ratio, which can decrease your credit score. Here’s an example:
If your mind's made up and you’re set on closing your credit card account, here are four steps you should take to do so. Step 1: Pay off your remaining balance.
Some credit card issuers allow cardholders to cancel their credit card online or through the card issuer's mobile app. The account should show as closed on a credit report 30 to 45 days after ...
Credit history: Since the average length of your credit history makes up 15 percent of your FICO score, closing accounts can hurt your credit score in the short term and even over time if you don ...
Instead of closing the card once your credit improves, ask your card issuer to upgrade you to an unsecured credit card without closing the account. Keep the card for small payments.
Closing a credit card account can also impact your credit utilization ratio if you have debt on other credit cards and revolving accounts. This factor makes up 30 percent of your FICO score, so ...
Average age of accounts. Closing a credit card won't affect your average age of accounts right away, as closed accounts in good standing will typically remain on your report for 10 years, and ...
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