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Answer: Yes, canceling a credit card can diminish your credit because part of your credit score is based on a debt-to-credit ratio. Therefore, when a credit card is canceled your credit amount is lowered, therefore making the ratio look more risky to creditors.
More questions:
- Can my husband and I give one of our credit cards to our daughter to use for a limited amount of time?
- How do you deal with credit card debt?
- How much do you pay each month for a credit card?
- I am 22 years old, and I will be soon applying for my first credit card.
- I have like 8 active credit cards and 1 charge card
- I have two credit cards and I am unable to pay off the balance. What do I do?
- What are some hidden fees which occur when transfering a balance?
- What are some ways to start building good credit?
- What are things you should consider when deciding which credit card to apply for?
- What is the best offer you’ve seen for a rewards credit card for business?
- When applying for a credit card, is it advisable to close credit card accounts
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