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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 ...
Let's say that you have one credit card with a $1,000 balance and a $4,000 limit, and another credit card with no balance and a $1,000 limit. Currently, you're using 20% of your available credit ...
Closing a credit card may hurt your credit, but the impact varies depending on your credit history. ... $6,000 balance / $10,000 credit limit. Card 2: $1,000 balance / $3,000 credit limit ...
If an unused credit card has a high credit limit or a long-established credit history, closing it could negatively impact a cardholder's credit score. It is usually better to leave these cards open.
Canceling your card could affect the length of your credit history, especially if it is a card you’ve had for some time. Since your credit history accounts for 15 percent of your FICO score ...