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adapids

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Cancel credit card, ... good way to improve credit score ??
Hello,

I'm new to the country so my credit history is short, which is a big factor in my low credit score. I do have multiple credit cards which improves credit, but every time I open a new one, my credit history factor dips and hurts my credit score. Would closing my latest credit card, thereby increasing my average credit history, significantly improve my credit score ?? Thank you.

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Top Contributor
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Not a good idea.

Your credit score is based partly on the amount of available credit you have, so if you cancel a credit card, you lose whatever credit limit was available on that.  Such action will hurt your score.  Please read the articles on this site so you can better understand how credit works and how to make it work for you.

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