Closing a Credit Card: The Good, the Bad, and the Ugly

Thinking about closing a credit card? Pump the brakes! It might save you from fees, but it could also drop your credit score by 10 to 50 points! Keep those old cards around for a better score, and remember: low credit utilization and on-time payments are your best friends!

Quick rundown

1.Closing a credit card can drop your score by 10 to 50 points.

2.Credit utilisation ratio is crucial in maintaining a good score.

3.Older cards positively impact your credit history.

4.Negotiating fee waivers can be an alternative to card closure.

5.Maintaining financial discipline aids in credit score recovery.

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