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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.

Does Opening a Credit Card Hurt Your Score?

May 2, 2017

Dear Experian, I have one credit card that I use as my main card most of the time. I also have two airline cards that I rarely use. I’m...

Is It Better to Pay off My Credit Card in Full Every Month or to Maintain a Balance?

April 18, 2017

Dear Experian, Is it better to pay off the entire balance on a credit card each month, or to always leave a small balance to carry over? – OHR...

What Happens If I Don’t Pay My Credit Card Bill?

February 23, 2017

Dear Experian, What would happen if I didn’t pay my credit card bill, but I pay all my other bills on time every month? Would it still hurt my...

Does Applying for Credit Cards Hurt Your Credit?

February 2, 2017

Dear Experian, Do credit card inquiries hurt you long-term? If I apply for credit and am denied, how many points will my score drop? – PYL Dear PYL, It’s...

What Does “Account Closed at Credit Grantor’s Request” Mean on My Credit Report?

January 26, 2017

Dear Experian, I have an account listed as “Closed – Account closed at Credit Grantor’s Request.” What does this mean? I was never late on any payment for this...

I Have a Credit Card I No Longer Use. Is It Bad to Close a Credit Card?

January 19, 2017

Dear Experian, Does closing a credit card account that I don’t use hurt my credit? – TMY Dear TMY, Yes, closing a credit card account you no longer use...

How many credit cards is too many?

November 2, 2016

Dear Experian, I think I have too many credit cards and would like to close a couple. I have good payment history with these credit cards; however, I heard...

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....

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