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Question By
scratchingmyhead

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Should I cancel my newest credit card?
I’ve had one credit card with a $12K limit for 24 yrs. Never had a late payment and seldom carry a balance. I recently took out a car loan for just over $20k and my score dropped 10 points. Credit Karma indicated that I had too few accounts and no revolving activity. I thought I could kill two birds with one stone and open up another credit card with a $300 limit. Now, my score instantly dropped over 100 points and I haven’t even used it yet!!!! Should I cancel this card or is it too late because the damage done?

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Top Contributor
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You really need to understand how credit works and the articles here provide that information.  Since the subject is, unfortunately, not taught  in schools and credit is so common these days, it is worth your time to read the articles.  Sure helped me a lot.

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