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re: Cancelling a credit card and its impacts
Posted on 1/19/17 at 3:16 pm to lsugrad35
Posted on 1/19/17 at 3:16 pm to lsugrad35
I would try to transfer it to a free card like Slate. Your credit score does take into account total available credit, % of credit used and length of accounts. If this is your only card, all of those will be impacted.
1
Posted on 1/20/17 at 11:22 am to seawolf06
quote:
would try to transfer it to a free card like Slate. Your credit score does take into account total available credit, % of credit used and length of accounts. If this is your only card, all of those will be impacted
I agree with this. It's one thing if you are in the credit card game and you have $100k+ of available credit. Dropping one card won't impact your score. If your 2 cards have the same limit, dropping one reduces available credit in half. Aside from the score, having a spare credit card is a good idea in general.
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