If I cancel a credit card, does it hurt my credit rating?

Your credit score is determined by a number of factors and cancelling a credit card could either hurt or improve your credit score depending on your situation. How it could hurt: A credit card helps establish credit history. It shows that you are able to pay debts on time and can manage your finances.

If you are able to keep a credit card open for a long time and consistently pay it off, it is a good thing for your score. However, if you cancel a card, you will have less credit history and that could hurt your rating. If at all possible, it is good to at least have one or two credit cards with good, long history.

How it could help: If you have several cards open at a time, cancelling a card or two can be good for your score. One of the factors in your credit score is your ratio of debt to available credit. If you have too much available credit, it can actually be a bad thing for your credit.

Ideally, you would keep one or two cards open that you manage well and pay on time.

I can only answer this question from personal experience. A credit card company contacted me advising that they were going to cancel my account because I had not made any purchases in a twelve month period. I was given the choice to keep the account open and charge something in the near future or close the account.

I decided to close the account because the limit wasn’t all that high and I didn’t have the credit card that long so cancelling did not affect my overall length of credit history and did not adversely affect my credit limit to credit availability ratio. However, there was another instance where I cancelled and the limit was a high one and I had the account for several years. This did lower my credit score some because it decreased the average number of years of my overall credit history and the amount of outstanding credit I had as well.So I guess it’s safe to say that it depends on your situation as results will more than likely different with each person.

Canceling a credit card will probably bring your credit score down a few points. It doesn't have to be a big deal, but it is something you should approach with caution. If you're relatively young and the credit card is one of your older accounts, canceling it can have a much more negative effect.

If it's your oldest account, removing it from your credit file will essentially make your credit history look shorter. If you look like you don't have as much credit experience as you actually do, that could work against you when you go to apply for new loans including car loans and mortgages. I'd recommend that you keep the card for a while, or at least until you care a little less about changes to your credit score.

On the other hand, if it has an annual fee, you may have to weigh whether continuing to pay every year is worth it or not.

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