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e3014522

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Will cancelling a credit card hurt my score?
I just don't want to pay the annual fee on this card -- I was going to pay it off completely and close it before the end of the first year. I wondered, though, if that would hurt my score. Should you always keep cards open indefinitely? And if so, what do you do about those with high annual fees?

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Usually yes it can hurt credit. How long to keep it? Keep it until you have several other cards. As of right now, if you only have two or three cards I will tell you NOT to cancel it. If you have five or six cards now, then go ahead and close it, you still may get a ding to your scores, but so what, credit should work for you, you shouldn't revolve your life around it.

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