If you’ve recently paid off a credit card you might be looking forward to officially closing your account. But cancelling a credit card can hurt your credit score, even if you’ve successfully paid off the balance. A better approach would be to keep your credit card in a safe place at home. No need to keep using it, but canceling it hurts your credit score by decreasing your available credit and reducing your average credit history. The exception to this rule would be if your credit card has an annual fee. In that case, you’re better off cutting your losses and canceling your credit card. If you have an old credit card with no annual fee, your credit score will benefit from leaving it open.
More from Video
Amid the Selling, Here's the Big Question Now
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
One Tweet Pulls the Rug Out From Under the Indexes
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
A Technical Look at the New Dow Jones Industrial Average
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.