Kelly-Ann Franklin has spent more than two decades in journalism which has helped her build a wide knowledge base of business and personal finance topics. Her goal with editing is to ensure tough ...

Before closing a credit card account, consider keeping it open if it has no annual fees or high interest rates to maintain a good credit utilization ratio. Settle any outstanding balances and cancel ...

This is the biggest short-term risk. Credit utilization accounts for up to 30% of your FICO® Score. You want to keep this number low, but it can jump overnight when you close an account. Credit ...

The card sitting untouched in your drawer might be doing more for your credit score than the one you use every day. Your credit score is heavily impacted by your total available credit and your length ...

Make sure you use your card often enough to avoid seeing the issuer close it, which can hurt your credit score.

Discover the effects of closing your credit card on your credit score, including credit utilization. Learn best practices for informed decisions.

Image source: Getty Images Canceling a credit card sounds simple -- call the issuer, close the account, done. But depending on which card you close and when, your credit score could take a big hit.

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