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Princesslei

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if I pay a credit card off and cancel it will it affect my credit score

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Yes,

Helpful to 4 out of 4 people

Your score will go down.  Closing the account will reduce your available credit.  If you want to get rid of a specific card, I suggest you get a new card to replace it before closing the old account. 

If you just don't want to use the card, put it away but keep it open so you have it for emergencies. But use it at least once a quarter for some small purchase or you run the risk of having the account closed by the lender for lack of use. 

Top Contributor
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yes it will

Helpful to 4 out of 4 people

A closed credit card will affect your credit to debt ratio/utilization score and length of account. Both are factors which affect your FICO score. I hope this helps!

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