There are many reasons why you may want to cancel your credit cards, including an expensive annual fee, high interest rate, few benefits, infrequent usage, or you have transferred your balance to a new card.
These factors influence your credit score:
How Closing a Credit Card Can Hurt Your Credit Score
You might think that closing a credit card is a smart choice. However, closing a credit card can have a negative impact on a few credit score factors mentioned above.
Read more here: How Canceling Credit Cards Will Affect Your Credit Score
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