DOES CLOSING A CREDIT CARD HURT MY CREDIT SCORES?

DOES CLOSING A CREDIT CARD HURT MY CREDIT SCORES?

You’ve paid your remaining credit card balance. Now it’s time for the ceremonial snipping that will keep you from ever using the card again. It’s a satisfying gesture, especially if you’ve found it hard to use a credit card responsibly. But closing a credit card may impact your credit score. Your credit score is based on several factors. And closing a credit card account can have an impact—so it’s important weigh the pros and cons first. Although closing a credit card account may hurt your credit score, there are cases where it might make sense. For example, if you can’t avoid the temptation of using a credit card to live well beyond your means, closing your card could be the most responsible move.