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#1
06-12-2008, 06:00 PM
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Canceling one of my credit cards
I am thinking of canceling one of my credit cards because of the high annual fee. Do you think this will ruin my credit history? I know it is not good to close credit cards. Please advise.
Last edited by mary1; 07-28-2008 at 02:27 PM. Reason: spelling 
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#2
06-12-2008, 06:33 PM
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This will depend on many things. For example if this was your first credit and you had the credit card for several years, then if you close it you will shorten your credit history significantly, which is bad for your credit score. Another thing that affects your credit score is the debt-to-credit ratio. If you close the card (assuming it's paid off) then your total available credit becomes less, which automatically increases your debt-to-credit ratio, and this might hurt your credit score.
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No debt
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#4
06-20-2008, 01:02 PM
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Quote:
You can close it or just stop using it. If you are afraid it will be bad for your credit history just pay it off and on renewal just don't renew it...
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 sunny
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