How much will my credit score drop if I cancel a card?

If the credit card account you plan to close is one of your oldest accounts, it will reduce the average age of your remaining accounts when it is removed from your credit report. This would potentially lower your credit score, though usually not dramatically.



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In most situations, it's better to keep unused credit card accounts open, as closing credit accounts can have a negative impact on your credit score.

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It's possible that you could see your credit scores drop after fulfilling your payment obligations on a loan or credit card debt. Paying off debt might lower your credit scores if removing the debt affects certain factors like your credit mix, the length of your credit history or your credit utilization ratio.

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So, while there is no absolute number that is considered too many, it's best to only apply for and carry the cards that you need and can justify using based on your credit score, ability to pay balances, and rewards aspirations.

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Highlights: Most negative information generally stays on credit reports for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.

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