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I have an extra credit card I don’t use, and I would like to cancel it. It’s all paid up, and I have no outstanding balances. But I’ve heard that cancelling a credit card can damage your credit rating. Is that true?

3 Thoughts on Can I cancel a credit card without damage to my credit score?
  1. Reply
    *~Sunshine~*
    August 12, 2011 at 8:45 am

    true. Keep it open and let it keep getting good points towards your credit.You do not have to charge anything for it to show good on your credit report

  2. Reply
    Kim M
    August 12, 2011 at 9:26 am

    Good question. The answer is: it depends. Is it an old account or a newish account?

    I ask because closing long-standing accounts can shorten the length of your credit history. That is not a good thing. As I understand, the length of credit history makes up 15% of your FICO score.

    If I were you, I would check my score as things stand today. If it is good, I’d leave things as they are. As they always say, “If it’s not broke, don’t fix it!”

  3. Reply
    frappelattes
    August 12, 2011 at 10:12 am

    You should actually keep your credit card account open. Simply shred the card. Read this site for more tips:

    http://www.squidoo.com/how-to-protect-my-credit-score

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