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t1536

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Will canceling a credit card get rid of the length of the credit line?
I'm wondering if I cancel my first credit card that has the longest credit line will hurt me? It has a yearly fee and a low credit limit so I'm wanting to cancel it to get better cards without having a lot of credit cards floating around.

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In short Yes;   This is a little open to interpretation on how you read different systems.  I have a card that is 4 years old ( Care Credit ) that is cancelled - it shows on my credit karma, but by all other factors it isn't included in my score or my credit length.   Another system however, Nav, shows it on my credit history and shows it as being a part of my history length.

Just because you cancel a card doesn't mean that it's payment information comes off your credit report right away.  In the case of open accounts, positive credit data can stay on the report indefinitely.  Closed accounts with zero balances and no negative information typically remain on your report for 10 years from the date that it is reported closed.

Depending on your total available credit, closing a card could hurt your overall score, particularly if you have high balances on other cards/loans.  To make sure closing one card doesn't impact your score, pay off balances on your other cards.  If you have zero balances, your utilization is zero and won't be impacted much by the loss of a balance.  

​Since it has a yearly fee and a low credit limit, i'd suggest perhaps calling them to see if they'll either give you a limit increase or wave the fee ( or both ) -- the worst they can do is say no, then you can weigh your options and decide what will be best for you at that time.  

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Ask company to change your card.

I had a card that was not doing me any good with Chase. I simply called and ask if there was any way that they could change to another card with benefits and no annual fee and they did without having to do a credit inquiery. Just remember to stay in good terms with the card company such as paying at least minimum payment due and maintaining a low utilization percentage. Good Luck

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