Cancelling credit cards will affect your credit score in a negative way. For one, cancelling a credit score will lower your total available credit. This will lead to higher credit utilization, which in turn to lower credit score. Also, if you cancel an old credit score, you will lose a long and valuable credit history from your report. This will decrease your credit score significantly.
So before you consider cancelling your credit cards, remember that your credit history and credit utilization will be affected. These are two of the important factors that affect a credit score. Losing credit history and utilization will make your credit score decrease, and credit score is very important if you want to live well financially in the US.
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