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July 25, 2008, Newsletter Issue #123: Credit Card Cancellation
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Tip of the Week
Your credit score is a result of many items on your report, and the number of open accounts is one of those things. The cancellation of your card, however, can have different effects on your overall score. It may raise your score if the score was low to begin with due to many open accounts. It may lower your score if the account wasn't open for very long. Then again, it may not have much of an effect at all. In the grand scheme of things, it is always best to close credit card accounts which are no longer in use, because the available credit might prove to be too much of a temptation.
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