Does cancelling a credit card lower your credit rating?

Does cancelling a credit card you haven\'t used in a while lower your credit rating?

3 Answers

Yes, this is going to affect your credit rating because the total credit limit lowers. In comparison, the credit usage heightens. This has a negative effect on your credit.


I have done it recenty. My score dropped by 5 points. 


Yes it will affect your score by a few points.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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