What happens to your credit score when you cancel a credit card?

say you are in good staying, never was late. always payed the balance. but you have too many credit cards let’s say. so when you cancel that credit card. what happens to your credit score? Does your credit limit you had for that card get erased from the records? after all those years of building the credit limit to help the credit score. what happens to it? and what happens to your score? i’m just curious.

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This entry was posted on Thursday, June 24th, 2010 at 9:56 pm and is filed under Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “What happens to your credit score when you cancel a credit card?”

  1. For Credit Rating purposes you are regarded as being in debt to the limit on all of you credit accounts – because, lets face it, you could be in a wink. Getting rid of a credit limit increases your rating.

  2. There are a lot of factors affecting your credit score. Let me just break down what you mentioned and identify whether they would be good / bad for your credit score.

    Never late / always paid the balance – Definitely good

    Too many credit cards – This, more often than not, lowers your credit score. . . especially when the total card balances take up too much of the total credit line given to you.

    If you are looking for the free credit score national site, check out this site

    http://Free-Credit-Score-National. com/

    Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating for free, fast and secure.

    Hope this help,

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