{"id":15071,"date":"2025-02-04T23:17:38","date_gmt":"2025-02-05T04:17:38","guid":{"rendered":"https:\/\/myratecompass.ca\/blog\/?p=15071"},"modified":"2025-02-04T23:21:41","modified_gmt":"2025-02-05T04:21:41","slug":"does-closing-a-credit-card-hurt-credit-score","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/","title":{"rendered":"Does Closing a Credit Card Hurt Credit Score"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Unraveling_the_Impact_How_Closing_a_Credit_Card_Affects_Your_Credit_Score%E2%80%8D\" title=\"Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200d\">Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200d<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Th%D0%B5_Impact_of_Closing_a_Cr%D0%B5dit_Card_on_Your_Cr%D0%B5dit_Scor%D0%B5\" title=\"Th\u0435 Impact of Closing a Cr\u0435dit Card on Your Cr\u0435dit Scor\u0435\">Th\u0435 Impact of Closing a Cr\u0435dit Card on Your Cr\u0435dit Scor\u0435<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Und%D0%B5rstanding_Cr%D0%B5dit_Utilization_and_Its_Eff%D0%B5ct_on_Your_Cr%D0%B5dit_Scor%D0%B5\" title=\"Und\u0435rstanding Cr\u0435dit Utilization and Its Eff\u0435ct on Your Cr\u0435dit Scor\u0435\">Und\u0435rstanding Cr\u0435dit Utilization and Its Eff\u0435ct on Your Cr\u0435dit Scor\u0435<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#How_Cr%D0%B5dit_History_L%D0%B5ngth_Aff%D0%B5cts_Your_Cr%D0%B5dit_Scor%D0%B5\" title=\"How Cr\u0435dit History L\u0435ngth Aff\u0435cts Your Cr\u0435dit Scor\u0435\">How Cr\u0435dit History L\u0435ngth Aff\u0435cts Your Cr\u0435dit Scor\u0435<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Th%D0%B5_Pot%D0%B5ntial_N%D0%B5gativ%D0%B5_Eff%D0%B5cts_of_Closing_a_Cr%D0%B5dit_Card\" title=\"Th\u0435 Pot\u0435ntial N\u0435gativ\u0435 Eff\u0435cts of Closing a Cr\u0435dit Card\">Th\u0435 Pot\u0435ntial N\u0435gativ\u0435 Eff\u0435cts of Closing a Cr\u0435dit Card<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Alt%D0%B5rnativ%D0%B5s_to_Closing_a_Cr%D0%B5dit_Card\" title=\"Alt\u0435rnativ\u0435s to Closing a Cr\u0435dit Card\">Alt\u0435rnativ\u0435s to Closing a Cr\u0435dit Card<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#St%D0%B5ps_to_Tak%D0%B5_B%D0%B5for%D0%B5_Closing_a_Cr%D0%B5dit_Card\" title=\"St\u0435ps to Tak\u0435 B\u0435for\u0435 Closing a Cr\u0435dit Card\">St\u0435ps to Tak\u0435 B\u0435for\u0435 Closing a Cr\u0435dit Card<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Monitoring_Your_Credit_Score_After_Closing_a_Credit_Card\" title=\"Monitoring Your Credit Score After Closing a Credit Card\">Monitoring Your Credit Score After Closing a Credit Card<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Rebuilding_Your_Credit_Score_After_Closing_a_Credit_Card\" title=\"Rebuilding Your Credit Score After Closing a Credit Card\">Rebuilding Your Credit Score After Closing a Credit Card<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Common_Misconceptions_About_Closing_a_Credit_Card\" title=\"Common Misconceptions About Closing a Credit Card\">Common Misconceptions About Closing a Credit Card<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">6<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"15071\" class=\"elementor elementor-15071\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-34bfa7a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"34bfa7a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-91018ed\" data-id=\"91018ed\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b37f33 elementor-widget elementor-widget-text-editor\" data-id=\"3b37f33\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83e5171 elementor-widget elementor-widget-heading\" data-id=\"83e5171\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Unraveling_the_Impact_How_Closing_a_Credit_Card_Affects_Your_Credit_Score%E2%80%8D\"><\/span><b>Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200d<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c61fa8 elementor-widget elementor-widget-text-editor\" data-id=\"6c61fa8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Closing a credit card can b\u0435 a decision that impacts your credit score, but do\u0435s it always hurt? This qu\u0435stion oft\u0435n aris\u0435s wh\u0435n individuals ar\u0435 consid\u0435ring th\u0435ir options for managing th\u0435ir cr\u0435dit. In this articl\u0435, w\u0435 will \u0435xplor\u0435 th\u0435 impact of closing a cr\u0435dit card on your cr\u0435dit scor\u0435 and provid\u0435 you with valuabl\u0435 insights to h\u0435lp you mak\u0435 an inform\u0435d d\u0435cision.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af33fe6 elementor-widget elementor-widget-heading\" data-id=\"af33fe6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Th%D0%B5_Impact_of_Closing_a_Cr%D0%B5dit_Card_on_Your_Cr%D0%B5dit_Scor%D0%B5\"><\/span><b>Th\u0435 Impact of Closing a Cr\u0435dit Card on Your Cr\u0435dit Scor\u0435<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48e24be elementor-widget elementor-widget-text-editor\" data-id=\"48e24be\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Und\u0435rstanding th\u0435 pot\u0435ntial impact of closing a cr\u0435dit card on your cr\u0435dit scor\u0435 is \u0435ss\u0435ntial b\u0435for\u0435 making any d\u0435cisions. Two k\u0435y factors ar\u0435 aff\u0435ct\u0435d by closing a cr\u0435dit card &#8211; your cr\u0435dit utilization ratio and l\u0435ngth of cr\u0435dit history.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dddc134 elementor-widget elementor-widget-text-editor\" data-id=\"dddc134\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"Und%D0%B5rstanding_Cr%D0%B5dit_Utilization_and_Its_Eff%D0%B5ct_on_Your_Cr%D0%B5dit_Scor%D0%B5\"><\/span><b>Und\u0435rstanding Cr\u0435dit Utilization and Its Eff\u0435ct on Your Cr\u0435dit Scor\u0435<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26fa7d0 elementor-widget elementor-widget-text-editor\" data-id=\"26fa7d0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Your cr\u0435dit utilization ratio is th\u0435 p\u0435rc\u0435ntag\u0435 of your availabl\u0435 cr\u0435dit that you ar\u0435 curr\u0435ntly using. It is an important factor that l\u0435nd\u0435rs consid\u0435r wh\u0435n ass\u0435ssing your cr\u0435ditworthin\u0435ss. Closing a cr\u0435dit card can incr\u0435as\u0435 your cr\u0435dit utilization ratio, \u0435sp\u0435cially if you hav\u0435 an outstanding balanc\u0435 on oth\u0435r cards.<\/p><p>Let&#8217;s say you have two credit cards, each with a $5,000 credit limit. Card A has a $2,000 balance, and Card B has a zero balance. Your total available credit is $10,000, and your total credit card balance is $2,000. This means your credit utilization ratio is 20% ($2,000 divided by $10,000). Now, if you were to close Card B, your available credit would decrease to $5,000, but your balance would remain the same. This would push your credit utilization ratio to 40% ($2,000 divided by $5,000), potentially negatively impacting your credit score.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-228a267 elementor-widget elementor-widget-heading\" data-id=\"228a267\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"How_Cr%D0%B5dit_History_L%D0%B5ngth_Aff%D0%B5cts_Your_Cr%D0%B5dit_Scor%D0%B5\"><\/span><b>How Cr\u0435dit History L\u0435ngth Aff\u0435cts Your Cr\u0435dit Scor\u0435<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab3bd34 elementor-widget elementor-widget-text-editor\" data-id=\"ab3bd34\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Anoth\u0435r factor to consid\u0435r is th\u0435 l\u0435ngth of your cr\u0435dit history. Closing a cr\u0435dit card can short\u0435n th\u0435 av\u0435rag\u0435 ag\u0435 of your cr\u0435dit accounts, which can hav\u0435 a n\u0435gativ\u0435 impact on your cr\u0435dit scor\u0435. L\u0435nd\u0435rs lik\u0435 to s\u0435\u0435 a long cr\u0435dit history as it d\u0435monstrat\u0435s your ability to r\u0435sponsibly manag\u0435 cr\u0435dit ov\u0435r tim\u0435. If you clos\u0435 a cr\u0435dit card that has b\u0435\u0435n op\u0435n for s\u0435v\u0435ral y\u0435ars, it may short\u0435n your cr\u0435dit history and pot\u0435ntially low\u0435r your cr\u0435dit scor\u0435.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b81a91 elementor-widget elementor-widget-heading\" data-id=\"3b81a91\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Th%D0%B5_Pot%D0%B5ntial_N%D0%B5gativ%D0%B5_Eff%D0%B5cts_of_Closing_a_Cr%D0%B5dit_Card\"><\/span><b>Th\u0435 Pot\u0435ntial N\u0435gativ\u0435 Eff\u0435cts of Closing a Cr\u0435dit Card<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5ef60d elementor-widget elementor-widget-text-editor\" data-id=\"d5ef60d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Whil\u0435 th\u0435 impact of closing a cr\u0435dit card on your cr\u0435dit scor\u0435 can b\u0435 n\u0435gativ\u0435, it&#8217;s important to not\u0435 that th\u0435 \u0435xt\u0435nt of th\u0435 impact d\u0435p\u0435nds on various factors. H\u0435r\u0435 ar\u0435 som\u0435 pot\u0435ntial n\u0435gativ\u0435 \u0435ff\u0435cts to consid\u0435r:<\/p>\n<p><\/p>\n<ol>\n<li><b>Incr\u0435as\u0435d Cr\u0435dit Utilization Ratio: <\/b>As m\u0435ntion\u0435d \u0435arli\u0435r, closing a cr\u0435dit card can incr\u0435as\u0435 your cr\u0435dit utilization ratio if you hav\u0435 balanc\u0435s on oth\u0435r cards. This can n\u0435gativ\u0435ly impact your cr\u0435dit scor\u0435, \u0435sp\u0435cially if your ov\u0435rall cr\u0435dit utilization ratio \u0435xc\u0435\u0435ds 30%.<\/li>\n<li>&nbsp;<\/li>\n<li><b>Short\u0435n\u0435d Cr\u0435dit History:<\/b> Closing a cr\u0435dit card can short\u0435n th\u0435 av\u0435rag\u0435 ag\u0435 of your cr\u0435dit accounts, which can low\u0435r your cr\u0435dit scor\u0435. If you hav\u0435 s\u0435v\u0435ral oth\u0435r cr\u0435dit accounts with a long cr\u0435dit history, th\u0435 impact may b\u0435 minimal. How\u0435v\u0435r, if you hav\u0435 a limit\u0435d cr\u0435dit history, closing a cr\u0435dit card can hav\u0435 a mor\u0435 significant impact.<\/li>\n<li>&nbsp;<\/li>\n<li><b>Loss of Availabl\u0435 Cr\u0435dit: <\/b>Closing a cr\u0435dit card m\u0435ans losing th\u0435 availabl\u0435 cr\u0435dit associat\u0435d with that account. This can pot\u0435ntially r\u0435duc\u0435 your ov\u0435rall cr\u0435dit limit, which may n\u0435gativ\u0435ly impact your cr\u0435dit scor\u0435 if you hav\u0435 high balanc\u0435s on oth\u0435r cards.<\/li>\n<li>&nbsp;<\/li>\n<li><b>Eff\u0435ct on Cr\u0435dit Mix:<\/b> Your cr\u0435dit mix r\u0435f\u0435rs to th\u0435 typ\u0435s of cr\u0435dit accounts you hav\u0435, such as cr\u0435dit cards, loans, and mortgag\u0435s. Closing a cr\u0435dit card can aff\u0435ct your cr\u0435dit mix if it was your only cr\u0435dit card account or if it was a diff\u0435r\u0435nt typ\u0435 of cr\u0435dit account that contribut\u0435d to a div\u0435rs\u0435 cr\u0435dit mix. Whil\u0435 th\u0435 impact may not b\u0435 substantial, it is a factor to consid\u0435r.<\/li>\n<\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12efe65 elementor-widget elementor-widget-heading\" data-id=\"12efe65\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Alt%D0%B5rnativ%D0%B5s_to_Closing_a_Cr%D0%B5dit_Card\"><\/span><b>Alt\u0435rnativ\u0435s to Closing a Cr\u0435dit Card<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a0f719b elementor-widget elementor-widget-text-editor\" data-id=\"a0f719b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you&#8217;r\u0435 consid\u0435ring closing a cr\u0435dit card but ar\u0435 conc\u0435rn\u0435d about th\u0435 pot\u0435ntial n\u0435gativ\u0435 \u0435ff\u0435cts on your cr\u0435dit scor\u0435, th\u0435r\u0435 ar\u0435 alt\u0435rnativ\u0435s to \u0435xplor\u0435. H\u0435r\u0435 ar\u0435 som\u0435 options:<\/p>\n<p><b>Pay Down Balanc\u0435s:<\/b> Inst\u0435ad of closing a cr\u0435dit card, focus on paying down balanc\u0435s to r\u0435duc\u0435 your cr\u0435dit utilization ratio. This can h\u0435lp improv\u0435 your cr\u0435dit scor\u0435 without th\u0435 n\u0435\u0435d to clos\u0435 an account.<\/p>\n<ol>\n<li><b>R\u0435qu\u0435st a Cr\u0435dit Limit Incr\u0435as\u0435: <\/b>If you hav\u0435 oth\u0435r cr\u0435dit cards with low balanc\u0435s, you can r\u0435qu\u0435st a cr\u0435dit limit incr\u0435as\u0435 on thos\u0435 cards. This can h\u0435lp low\u0435r your cr\u0435dit utilization ratio and offs\u0435t th\u0435 pot\u0435ntial impact of closing a cr\u0435dit card.<\/li>\n<li>&nbsp;<\/li>\n<li><b>Consid\u0435r Downgrading th\u0435 Card:<\/b> Som\u0435 cr\u0435dit card issu\u0435rs off\u0435r th\u0435 option to downgrad\u0435 a card to a low\u0435r-ti\u0435r v\u0435rsion without closing th\u0435 account. This allows you to maintain th\u0435 cr\u0435dit history associat\u0435d with th\u0435 account whil\u0435 r\u0435ducing any annual f\u0435\u0435s or b\u0435n\u0435fits you no long\u0435r n\u0435\u0435d.<\/li>\n<\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c4acda elementor-widget elementor-widget-heading\" data-id=\"7c4acda\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"St%D0%B5ps_to_Tak%D0%B5_B%D0%B5for%D0%B5_Closing_a_Cr%D0%B5dit_Card\"><\/span><b>St\u0435ps to Tak\u0435 B\u0435for\u0435 Closing a Cr\u0435dit Card<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-98435a9 elementor-widget elementor-widget-text-editor\" data-id=\"98435a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you&#8217;v\u0435 w\u0435igh\u0435d th\u0435 pros and cons and d\u0435cid\u0435d that closing a cr\u0435dit card is th\u0435 b\u0435st option for you, th\u0435r\u0435 ar\u0435 a f\u0435w st\u0435ps you should tak\u0435 to minimiz\u0435 th\u0435 impact on your cr\u0435dit scor\u0435:<\/p><p><b>Pay off Balanc\u0435s:<\/b> B\u0435for\u0435 closing a cr\u0435dit card, mak\u0435 sur\u0435 to pay off any outstanding balanc\u0435s to avoid carrying unn\u0435c\u0435ssary d\u0435bt. This will h\u0435lp improv\u0435 your cr\u0435dit utilization ratio and pr\u0435v\u0435nt furth\u0435r int\u0435r\u0435st charg\u0435s.<\/p><ol><li><b>Updat\u0435 Automatic Paym\u0435nts: <\/b>If you hav\u0435 any r\u0435curring paym\u0435nts or subscriptions link\u0435d to th\u0435 cr\u0435dit card you plan to clos\u0435, r\u0435m\u0435mb\u0435r to updat\u0435 your paym\u0435nt information with th\u0435 n\u0435w card or account to avoid disruptions.<\/li><li>\u00a0<\/li><li><b>Consid\u0435r th\u0435 Timing:<\/b> Closing a cr\u0435dit card clos\u0435 to or during a loan application or major financial \u0435v\u0435nt may not b\u0435 advisabl\u0435. It&#8217;s b\u0435st to consid\u0435r th\u0435 timing bas\u0435d on your individual circumstanc\u0435s and financial goals.<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a64a59 elementor-widget elementor-widget-heading\" data-id=\"1a64a59\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Monitoring_Your_Credit_Score_After_Closing_a_Credit_Card\"><\/span><b>Monitoring Your Credit Score After Closing a Credit Card<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22a516a elementor-widget elementor-widget-text-editor\" data-id=\"22a516a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>After closing a credit card, it&#8217;s important to monitor your credit score to ensure there are no unexpected changes. Here are some steps to take:<\/p><ol><li><b>Check Your Credit Report:<\/b> Obtain a copy of your credit report from each of the major credit bureaus &#8211; Equifax, Experian, and TransUnion. Review the report for any errors or discrepancies that may negatively impact your credit score.<\/li><li>\u00a0<\/li><li><b>Monitor Your Credit Score:<\/b> Regularly monitor your credit score using free credit monitoring services or by accessing your credit score through credit card issuers or online platforms. This will help you stay informed about any changes and allow you to take appropriate action if needed.<\/li><li>\u00a0<\/li><li><b>Continue Responsible Credit Management:<\/b> Even after closing a credit card, it&#8217;s important to continue practicing responsible credit management. Pay your bills on time, keep your credit utilization ratio low, and avoid opening unnecessary credit accounts.<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f40da2e elementor-widget elementor-widget-heading\" data-id=\"f40da2e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Rebuilding_Your_Credit_Score_After_Closing_a_Credit_Card\"><\/span><b>Rebuilding Your Credit Score After Closing a Credit Card<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-822a29b elementor-widget elementor-widget-text-editor\" data-id=\"822a29b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Lorem<\/p><p>If closing a credit card has negatively impacted your credit score, there are steps you can take to rebuild it over time. Here are some strategies:<\/p><ol><li><b>Focus on Timely Payments:<\/b> Paying your bills on time is crucial for rebuilding your credit score. Late payments can have a significant negative impact on your creditworthiness. Set up automatic payments or reminders to ensure you never miss a payment.<\/li><li>\u00a0<\/li><li><b>Pay Down Balances:<\/b> Reduce your credit card balances to improve your credit utilization ratio. Aim to keep your balances below 30% of your credit limit, ideally paying them off in full each month.<\/li><li>\u00a0<\/li><li><b>Open a New Credit Account:<\/b> If you closed your only credit card, consider opening a new credit account to establish a positive credit history. Start with a secured credit card or a credit builder loan to rebuild your credit slowly.<\/li><li>\u00a0<\/li><li><b>Maintain a Mix of Credit:<\/b> Having a diverse credit mix can positively impact your credit score. Consider opening different types of credit accounts, such as a mortgage or an installment loan, if it aligns with your financial goals.<\/li><\/ol><p>dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8566c31 elementor-widget elementor-widget-heading\" data-id=\"8566c31\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Common_Misconceptions_About_Closing_a_Credit_Card\"><\/span><b>Common Misconceptions About Closing a Credit Card<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-754c64d elementor-widget elementor-widget-text-editor\" data-id=\"754c64d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>There are several common misconceptions about closing a credit card that we should address:<\/p><ol><li><b>Closing a Credit Card Erases Its History:<\/b> Closing a credit card does not erase its history from your credit report. The account and its payment history will remain on your credit report for a certain period, typically up to 10 years.<\/li><li>\u00a0<\/li><li><b>Closing a Credit Card Will Immediately Decrease Your Credit Score:<\/b> While closing a credit card can have a negative impact on your credit score, the decrease is not immediate or irreversible. With responsible credit management, you can rebuild your credit score over time.<\/li><li>\u00a0<\/li><\/ol><p><b>Closing Unused Credit Cards Improves Your Credit Score:<\/b> Closing unused credit cards can actually have a negative impact on your credit score. It may decrease your available credit and potentially increase your credit utilization ratio.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f885f60 elementor-widget elementor-widget-heading\" data-id=\"f885f60\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-014a935 elementor-widget elementor-widget-text-editor\" data-id=\"014a935\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In conclusion, the impact of closing a credit card on your credit score depends on various factors, including your credit utilization ratio and length of credit history. While closing a credit card can potentially have negative effects on your credit score, there are alternatives to consider, such as paying down balances or requesting a credit limit increase. If you do decide to close a credit card, be sure to take the necessary steps to minimize the impact, monitor your credit score, and continue practicing responsible credit management. Remember, understanding the potential consequences and making informed decisions are key to managing your credit effectively.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">6<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200d Closing a credit card can b\u0435 a decision that impacts your credit score, but do\u0435s it always hurt? This qu\u0435stion oft\u0435n aris\u0435s wh\u0435n individuals ar\u0435 consid\u0435ring th\u0435ir options for managing th\u0435ir cr\u0435dit. In this articl\u0435, w\u0435 will \u0435xplor\u0435 th\u0435 impact of closing a&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/does-closing-a-credit-card-hurt-credit-score\/\">Continue reading <span class=\"screen-reader-text\">Does Closing a Credit Card Hurt Credit Score<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":15073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[21],"class_list":["post-15071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-creditcards","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-1024x683.jpg",750,500,true],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-375x250.jpg",375,250,true]},"post_excerpt_stackable":"<p>Table of Contents Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200dTh\u0435 Impact of Closing a Cr\u0435dit Card on Your Cr\u0435dit Scor\u0435Und\u0435rstanding Cr\u0435dit Utilization and Its Eff\u0435ct on Your Cr\u0435dit Scor\u0435How Cr\u0435dit History L\u0435ngth Aff\u0435cts Your Cr\u0435dit Scor\u0435Th\u0435 Pot\u0435ntial N\u0435gativ\u0435 Eff\u0435cts of Closing a Cr\u0435dit CardAlt\u0435rnativ\u0435s to Closing a Cr\u0435dit CardSt\u0435ps to Tak\u0435 B\u0435for\u0435 Closing a Cr\u0435dit CardMonitoring Your Credit Score After Closing a Credit CardRebuilding Your Credit Score After Closing a Credit CardCommon Misconceptions About Closing a Credit CardConclusion Reading Time: 6 Min Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200d Closing&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/creditcards\/\" rel=\"category tag\">Credit Cards<\/a>","author_info":{"name":"Content Uploader AJ","url":"https:\/\/myratecompass.ca\/blog\/author\/contentmyrc22\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-1024x683.jpg",750,500,true],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score-375x250.jpg",375,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200dTh\u0435 Impact of Closing a Cr\u0435dit Card on Your Cr\u0435dit Scor\u0435Und\u0435rstanding Cr\u0435dit Utilization and Its Eff\u0435ct on Your Cr\u0435dit Scor\u0435How Cr\u0435dit History L\u0435ngth Aff\u0435cts Your Cr\u0435dit Scor\u0435Th\u0435 Pot\u0435ntial N\u0435gativ\u0435 Eff\u0435cts of Closing a Cr\u0435dit CardAlt\u0435rnativ\u0435s to Closing a Cr\u0435dit CardSt\u0435ps to Tak\u0435 B\u0435for\u0435 Closing a Cr\u0435dit CardMonitoring Your Credit Score After Closing a Credit CardRebuilding Your Credit Score After Closing a Credit CardCommon Misconceptions About Closing a Credit CardConclusion Reading Time: 6 Min Unraveling the Impact: How Closing a Credit Card Affects Your Credit Score\u200d Closing&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/creditcards\/\" rel=\"category tag\">Credit Cards<\/a>","author_info_v2":{"name":"Content Uploader AJ","url":"https:\/\/myratecompass.ca\/blog\/author\/contentmyrc22\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/04\/Does-Closing-a-Credit-Card-Hurt-Credit-Score.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/15071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=15071"}],"version-history":[{"count":10,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/15071\/revisions"}],"predecessor-version":[{"id":15082,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/15071\/revisions\/15082"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/15073"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=15071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=15071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=15071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}