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If you were to close an unused credit card that has a $2,000 limit, your total available credit drops to $8,000, and your balance now represents 25% of your available credit.
You have five credit cards each with a $1,000 limit, making your total available credit $5,000. Your regular monthly credit card expenses total $1,000. Your credit utilization ratio is 20 percent ...
You have a card with a high annual fee: Some premium credit cards have sky-high annual fees that may not make sense if you rarely use the card or its perks. You have a card with a high interest rate .
A credit card issuer has the right to close your credit card if you don’t use it. Unfortunately, closing an account can have an adverse effect on your credit score.
Closing a card account reduces the amount of your total available credit, which can hurt your score by increasing your credit-utilization rate. Myth 3: Checking Your Credit Report Will Hurt Your Score
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