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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:
Step 3: Call your credit card company. Once you’re sure about your decision, call your credit card issuer and request a credit card cancellation.
You should get your credit report from all three of the major credit bureaus to ensure your closed account was properly reported. You can request a free credit report from the credit bureaus ...
If you find your credit card no longer useful to you or has become too expensive to keep up with, closing your credit account can seem like the right choice.
If you close the card, hurt your score and end up having to apply for more credit later, you may not be able to get as good a card as the one you closed. Forget to use your open cards.
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Having multiple credit cards is good for your credit score, so consider keeping your high-interest account open while you look for a new card with lower interest or better credit card rewards ...
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