Investing, Personal Finance, and Credit

Will Closing A Credit Card Hurt Your Credit Score

Is it true that you should never actually close a credit card because it will lower your credit score?

Comments for
Will Closing A Credit Card Hurt Your Credit Score

Yes, closing a credit card reduces the overall credit available to you; which also lowers the overall percentage of credit available to you.

You want to keep your total credit cards combined balances under 30 percent of the total credit available to you.

So if you have a total combined credit available to you on 3 credits cards that equals $1000. You do not want to have more than $300 total on all 3 credit cards combined.

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