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...