Should you close an old credit card? Usually not. Here’s why
Closing a card can raise your utilization and, eventually, shorten your history.
By the BuffYourCredit teamUpdated November 5, 20265 min read
Why closing can hurt
Closing a card removes its limit, which raises your utilization overnight if you carry balances elsewhere. Closed accounts in good standing can stay on your report for years, but eventually they fall off and your history gets shorter.
When closing makes sense
If a card has an annual fee you can’t justify, ask the issuer to switch it to a no-fee version first. Closing is reasonable when that isn’t possible, or when the card tempts you to overspend.
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This article is for education and isn’t financial or legal advice. Scoring models and lender practices vary.