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How Canceling Your Credit Card Could Damage Your Credit

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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.

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