Finance
EnglishClosing 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!
few days ago | Amit Kumar
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.
