How does closing a credit card account affect my credit score?

Last Updated: Jun 04, 2013 10:07PM UTC

Although closing a credit card account can lower your credit score, how much, if any, impact this has depends on your personal credit. There is no automatic drop for closing a credit card, and some credit card users may see no impact from closing a credit card.

Closing a credit card can hurt your credit score if your credit utilization ratio increases. This is more likely to affect credit card users that carry a balance on their cards.
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