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Tools & Tips Blog
Aug 18

Written by: devon2
8/18/2009 12:17 PM

Posted Aug 18 2009, 07:59 AM by Karen Datko

This post comes from Jim Wang at partner blog Bargaineering.

Breaking up is hard to do, but canceling a credit card is easy. Call the company, tell them it's just not working out, then cut up the credit card. Easy, right?

What's a little harder? Understanding the impact that can have on your credit history and score.

Why canceling hurts your score

What impact can canceling a credit card have on your credit score? Canceling a credit card will, in a majority of cases, lower your credit score. The primary reason has to do with credit utilization, a significant factor in calculating your credit score.   Read More...

 

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