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matsabagayatsu

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Discontinuing a card without lowering my credit score
I have six cards and want to discontinue one. I read this could actually LOWER my credit score, even though it demonstrates GOOD financial responsibility. Why ? Can I keep such an effect from happening ? How ? Thank you.

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Good Question

Hey matsabagayatsu, It may be possible if your balances on your other 5 credit cards have zero balances. If not, this could hurt your credit score by raising your credit to debt/utilization score. Remember mat... the limit you have on that card you're closing will not be factored into your total balance of revolving credit. Even if your score goes down it shouldn't stay down for long. Maybe a month or so. If you're not about to buy a house or car I would close the account and wait for my score to go back up. I hope this helps!

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