You might be thinking of cancelling a credit card. Perhaps you’re tired of paying the annual fee, you have no use for it anymore, or you’re ready to upgrade to a card with a better rewards program. However, closing a credit card can hurt your credit, especially if it’s an account in good standing that’s been open for several years.

When should you consider cancelling a credit card?

There are a few situations in which it may make sense to cancel a credit card.

Why should you consider keeping your credit card open?


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