"Should you cancel your credit card? Probably not"
"Depending on
your total available
credit,
closing a
credit card account with a high
credit limit could
hurt your credit score, particularly if you have high balances on other
cards or loans. ... If you have zero balances,
your credit utilization rate
is zero, and won't be impacted by
the loss of a balance."
"The first question to ask yourself before canceling a card is: Do you
really need to cancel it? Or would it be better to just put it away and not use it?
Having an available line of credit on a card with no balance always helps your credit score, and it could come in handy
in an emergency or if its terms improve in the future.
However, there are two occasions when closing a credit card is called for:
- You can’t control your spending and need to remove the temptation.
- You are paying an annual fee for a card you do not use.
In those cases, it makes sense to cancel cards, since they are unnecessarily costing you money."