ICYMI - Is it bad to cancel a credit card?
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This means that if you have a credit card that you rarely or never use, you pay it on time every month, and you don’t carry a high balance on the card, you are probably getting a credit score bump from keeping that account open.If you’ve already established substantial credit and handle your debts well, closing a single card likely won’t impact your score much, if at all, and certainly not for long.
Good reasons to cancel It’s not always a bad idea to cancel a credit card. In fact, there’s plenty of reasons you might want to do it. What many people don’t know is that you can still cancel a credit card even if it has a balance. Just contact the card issuer and ask that the account be closed so new charges can’t be made. You’ll be able to continue to pay the balance down.
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