Does closing a credit card hurt your credit score?

How Does Canceling a Card Affect Your Credit Score?

Closing a credit card can also affect your score because it can lower the average age of accounts on your credit report, especially if it’s an account that’s been open for a long time. The age of your accounts is factored into your credit score, with longer payment histories bolstering your credit score. Closing a credit card can hurt your credit, especially if it’s an account in good standing that’s been open for several years.

How Closing a Credit Card Impacts Your Credit Score (Is it good or bad to cancel?)

Leave a Comment

Share via
Copy link
Powered by Social Snap