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cms3739

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Does it damage my credit score if I cancel a secure credit card with low credit limit?
I got a secured credit card with a low credit limit several years ago to help improve my credit score. This card has an annual fee, and I would like to avoid that fee, so I would like to cancel the card. What damage to my credit score will occur if I cancel this card with a $750 credit limit? I want to continue to raise my credit score, but don't see much value in continuing to pay an annual fee.

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Since only you can see your information here, it is going to have to be your choice.  Hopefully, that is not your only credit card and you have at least a couple more.  If not, wait until you do have a couple more.Your score may take a dip for cancelling the secured card but, like you, I don't like any fees to use a card.

Top Contributor
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Do you have several other credit cards that are open? If so, you may be ok, if not, it may hurt your credit. I advise further reading before you take any action.

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