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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 ...
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.
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
Before you cut up your card, learn the consequences of closing your account. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways ...
This may make obtaining any unsecured or even secured credit more difficult. If the charge-off has been paid in full, it will be listed on the credit report as "paid in full". If settled for less than the amount due, it will be listed as "settled". Even such a listing on a credit report can be negative. [4]