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What happens when you cancel a credit card?

Answers:1   |   LastAnswerAt:2011.03  

Asked at 2011.03.21 23:20:03
I currently have 3 credit cards. I just got approved for another and it is in the mail on it's way. I paid off the one with the lowest credit limit, and was thinking about cancelling it and just keeping the other three.

I have been working on building my credit for a long time, and it has been very difficult. Will cancelling this card hurt my score? Or will having too much available credit hurt it? Which is worse? What should I do to keep working on getting my credit score higher?
answer SPIFIMAN1  Answered at 2011.03.21 23:20:03
Since you stated that you are "thinking about canceling the one with the lowest credit limit" I am guessing that this is most likely the one that you have had the longest.

Since a full 35% of your credit score is based on payment history, do not cancel this card. Keep it and make everyday purchases like gas and groceries. Pay it in full before the due date every month and your score will continue to go up.
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