How Canceling Your Credit Card Could Damage Your Credit
If you are not using a credit card, should you cancel it? You may have heard conflicting information on this topic. Like many issues surrounding credit, it depends on the situation. However, properly closing a credit card does not automatically damage your credit.
High interest rates, yearly fees, and too much temptation to use a paid off card are good reasons to close a credit card account. However, be sure you understand how closing the account may affect your credit.