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Credit Cards

Opening a credit card and making on-time payments is a signal to creditors that you can effectively manage debt. Late or missed payments may be a red flag to lenders. Before applying for or canceling a credit card, learn how having one can impact your credit report and credit score.

Canceling Credit Cards

Closing a credit card account reduces the total amount of credit you have available to you. This affects your credit utilization rate, which is a factor in calculating your credit score. If you have a strong credit history and/or a large amount of credit available to you, closing a single credit card might not impact your credit score at all.

If you’re afraid you’ll be unable to risk the temptation of the credit card, it may be advisable to close it. Large portions of debt and late or missed payments are negative marks on your credit history and can harm your chances of earning future credit.

What is a secured credit card and will it help my credit?

August 2, 2016

Dear Experian, I don’t have enough credit history to generate a score, so I got a secured card with a $500 limit.  I have been making small charges, less...

Rumor to Leave Accounts Open is Correct

July 17, 2016

Dear Experian, My husband and I have several credit cards, all with limits under $1,500.00. We wanted to pay off and close the high-rate cards we don't use, because we...

Should You Cancel Credit Cards You Don’t Use

July 17, 2016

Dear Experian, How do you get rid of too many credit cards even if you haven't used them for years? Also, some credit card companies are charging fees. How do...

How Long Before Paid Credit Cards are Updated

July 14, 2016

Dear Experian, I just paid off a lot of my credit card debt. When will I see it take effect on my credit report? - DUK

When to Close Credit Cards with Zero Balance

July 13, 2016

Dear Experian, I am thinking about cancelling a few credit cards that have a zero balance that I don't use but have a great payment history with. How will this...

Going over the Limit on Your Credit Card

July 12, 2016

Dear Experian, What happens if your credit card goes over your limit? What are the best options in your opinion? - JNT

Remove Authorized User Accounts from Credit Report

November 23, 2015

Dear Experian, Is an authorized user responsible for the debt? If an authorized user is removed from the credit card, can the credit card also be removed from the...

Impact of Authorized User vs. Joint Account

September 21, 2014

Dear Experian, I added my roommate onto my credit card and lost my job. I had difficulty paying it off and it was closed. Now, her credit has been affected....

Missed Payments and Authorized User’s Credit Score

May 5, 2014

Dear Experian, I am an authorized user on my mother’s account. Will it affect me if she misses payments? Will it hurt my credit? - SHN

Effects of Missed Payments on Authorized User’s Credit

March 27, 2014

Dear Experian, I am an authorized user on my mother’s account. Will it affect me if she misses payments? Will it hurt my credit? - SHN

Authorized User Account Not Appearing on Credit Report

December 18, 2013

Dear Experian, I checked my credit report online and saw that it says I have no credit cards. I am an authorized user on a card, and I pay the...

Adding Authorized User Won’t Hurt Your Credit

December 4, 2013

Dear Experian, Will adding one or more authorized users (my husband and my daughter) to my credit card accounts affect me negatively? My daughter will not have a card to...