Personal Finance » Credit Cards

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.

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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.