will closing credit cards hurt your credit
Here are some areas of your credit it may affect: Credit card utilization rate. When you close a card, you reduce your overall available credit. Unless you scale back your spending, this will negatively affect your credit utilization rate, which is one of the most significant factors used to calculate your score. Therefore, even if you donât want a card anymore, it may be worthwhile keeping the card open â just to lower your utilization rate.