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Cancel a card will effect your credit score by how much??

tag
Established Member

Cancel a card will effect your credit score by how much??

Since Citi wants to raise our rate to almost 30% for no reason, and we end up cancelling the card, how much will this effect our credit score?  Thanks!!
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JoeBJay20
Established Contributor

Re: Cancel a card will effect your credit score by how much??

Well it depends.  The cancelletion of the card in and of itself has no effect on your score, assuming it wasn't your oldest card.  But if you can't pay the balance off immediately it will increase your utilization and thus lower your scores, since you'll still have the same CC balances, but less available credit.   
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