By: Carmen Chai | CreditCards.ca | July 11, 2014
Read More, and see what Mike Gomes says about what to consider before closing a credit card account.
It helped you pay for textbooks, vacations and new furniture, but you’ve been mulling over closing your credit card account. To protect your credit score, though, there are a handful of factors to consider. By thinking carefully before making the call, you’ll make sure your financial reputations and good standing with creditors stays intact.
There are many reasons you may be considering closing a credit card. Perhaps you signed up for a card to take advantage of a 0 percent balance transfer period, then never used it again once the balance was paid off. Or maybe you just have more cards than you need and are looking to pare down. No matter the reason, you shouldn’t make the decision hastily, lest you do more harm to your credit score than good.
