Cancelling a credit card can damage a credit score because it lowers the total available credit, which increases the consumer's credit utilization ratio even if the debt amount remains the same.

Authors

• Person: Not available Organization: Consumers Credit Union
  7 Things That Can Damage Your Credit Score - Articles

Sources

• 7 Things That Can Damage Your Credit Score - Articles www.consumerscu.org Consumers Credit Union via serper

Referenced by nodes (3)

• credit utilization ratio concept
• credit card concept
• credit score concept