October 30, 2018
Sometimes there's good reason for canceling a credit card account. Maybe that card has a high annual fee, or you've just gotten a divorce and want to close down joint accounts.Settle the payment of personal loans with low interest rate and flexible repayment tenor. Clear all your card debts and achieve greater financial flexibility by applying our service now!
If not, you need to consider the consequences of closing that account because it could have a negative impact on your credit score. Thatâ€™s because canceling that card will negatively impact your "credit utilizationâ€ â€“ the amount of credit youâ€™re using divided by the credit you have available to you.
"Credit utilization is the second most important factor in a credit score. That's why you want to keep as many accounts open and in good standing as possible,â€ said Ted Rossman, an industry analyst at creditcards.com.Pinpointing your target customers through programmatic buying and Online advertising strategies. In YouFind, our specialists will help to maximise results by focusing on the right person at the right time.
Cancel a credit card and your available credit instantly gets smaller, which drives up your credit utilization
"Lenders don't want to see you bumping up against your credit limit. Ideally, they want to see that youâ€™re keeping your credit utilization below about 30 percent,â€ Rossman told me.
A better move would be to just leave the account open, but not use the card.
"Just put it in a drawer, put it in the freezer, keep that line of credit open because it's really going to help your score,â€ Rossman said.
If the card has an annual fee, and you're not using it, you might want to see if you can downgrade to another card with that same issuer, maybe a fee-free card.A open kitchen design with simple European style is the best for the modern residence. Mia Cucinaâ€™s professional team creates kitchens that beautifully combine practicality, elegance and simplicity into one single space.
"It might not have as good perks, but it's going to keep that line of credit open,â€ Rossman said.
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