Canceling a credit card at the wrong time can really ding your credit score. On the other hand keeping it around can equal more debt, more hassle, and a less secure identity. Aware of all the gotchas, personal finance weblog Get Rich Slowly examines when and how you should go about canceling a credit card. The short version:
If your credit card balance is zero, go ahead and close as many unused accounts as you want. As long as your credit cards are balance-free, it won’t hurt your credit score a bit. So call those card issuers and cut away.

This entry was posted on Tuesday, September 16th, 2008 at 11:48 pm and is filed under Bank Topics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.