If you’re in the market for a new vehicle in St. Louis, you may be spending some time strengthening your credit score to secure a better interest rate on a car loan. Are you wondering, “does canceling a credit card hurt your credit score?” In short, yes, but not irreparably. So, how much does canceling a credit card hurt your credit score? What options do you have other than to cancel your card? Read on below for the answers to these questions, and contact us for more finance help!
You may be considering canceling your cards for a number of reasons. If you feel you no longer need the credit card because you don’t use it, don’t need it, or can’t trust yourself with it, how much does canceling a credit card hurt your credit score? This amount is heavily dependent on the credit card’s credit limit. Canceling your credit cards with the highest credit limits could possibly do the most damage. Why?
Rather than canceling a card you don’t use much or don’t enjoy the rewards from, there are other ways to utilize it rather than suffering the temporary blow to your credit. Here are some recommendations to keep your credit high instead of canceling:
Does canceling a credit card hurt your credit score? Unfortunately, yes. But here at Green Light Auto Credit, we are committed to helping Herculaneum and Florissant-area drivers like you raise their credit and get a car they love. Contact us today for more tips to increase your credit and other car finance inquiries you may have!