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Is my credit score going to drop if I cancel my credit card?
I want to cancel two of my cards. I have good credit score. if it drops, much will it drop and how long will it last?
thanks in advance.
Both cards are paid off with onetime record. I do have another card, which I want to continue.
6 Answers
- bdancer222Lv 79 years agoFavorite Answer
Closing the accounts in itself, won't drop your score. Closed accounts in good standing remain on your credit report for at least 10 years. They just don't count as much as open,, active accounts. If you are not using these accounts, they are not doing much for your score anyway. You have to actually use the accounts to generate credit history/score.
If you close your oldest account, you could lower your average age of account which will drop your score. But if the difference between your oldest and other accounts is less than 4 years, this probably won't make much difference.
How much your score is impacted really depends on what else shows on your credit report. Limited credit histories are affected much more than older, extensive histories.
Source(s): BD - ?Lv 79 years ago
Canceling a credit card does not drop your credit score. However, a well-managed credit card actually adds to your score---if you never get too close to your limit and always pay on time, that's good for your score. So if you want a good credit score, you're better off using your credit card often but responsibly, rather than not having one.
- Fred FLv 79 years ago
Canceling any open account will drop your credit rating.
Lowering your limit will do the same.
- M WLv 79 years ago
Don't cancel them. Just cut them up and throw them away, then forget that you had them.
They will show on your credit as available credit, which can boost your score.
You won't be using them, so there's no need to cancel them.
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- ?Lv 49 years ago
No effect on your score unless you owe them money. You only lose points from your score if you miss payment, default, or similar reason.