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Question By
Justweegie

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Should I cancel my credit card?
I have a store card that is four years old. Three years ago, I had a really hard time and missed three consecutive payments. I have not used the card since then. It is my oldest card of two that I have. It only has a limit of $250. It is currently reported as open. My question is if canceling this card will improve my score? Is it hurting me more to keep this card that has 90 days late on it? Or will it hurt me more to cancel it? My other card only has a limit of $400 on it. And, yes, I've already applied for a credit increase on the other card. I can't do it again for 6 months.

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Closing a credit/charge card do NOT improve your score. It's payment history dosent go away when it's closed, the late payment(s) will remain on your report for 7 years from when it happened, regardless it's open or closed. When you only have two revolving accounts, close one will have bigger negative impact to your scores as opposed to 5.

Top Contributor
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Actually...

It will negatively affect your score by cancelling. Considering it's your oldest card, it will change your credit history making it shorter thus; lowering your score.

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