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EXAMPLE QUESTION AND ANSWER
Question
Hi Nerds, What will happen to my credit score if I close a credit card I rarely use? It’s one of two credit cards I have, both with a $10,000 limit. I only use this card once a month to pay a utility bill that’s about $100. My other card has a balance of $3,400. I’m considering closing the card I rarely use because its perks aren’t as good as my other one, which I opened a few months ago, and I no longer want to pay the annual fee. My other forms of credit include a car loan and student loans. I don’t have plans to apply for new credit anytime soon.
Thanks! - Credit Concerned
Answer
Canceling your credit card is likely to cause a dip in your score, mainly because of the effect on your credit utilization (the amount of your credit limits that you’re using). Utilization is one of the biggest influences on scores. Right now, you have a $20,000 limit between the two cards. It sounds like you keep the one paid off, since it’s a small bill each month, but on the other one you’re carrying a $3,400 balance month to month. That’s roughly a 17.5% credit utilization ratio. We believe it’s best for your credit score to keep your utilization below 30%, and you’re well under that now with the two cards — but closing one card will likely drop your overall limit to $10,000. Then, your $3,400 balance jumps up to a 34% utilization. Other factors to consider: Having a mix of credit cards and loans can help your score, but closing one card may lower the average age of your accounts, which some credit scoring companies factor into their scores. The good news is that as long as you pay off the card before closing it and keep practicing healthy credit behavior your score should rebound over time. But a better option for your score could be asking your issuer to switch to a card with no fees, if it offers one. Changing your card rather than canceling it will not impact your score, as long as the credit limit doesn’t drop.
Meet the Nerds answering your questions
Isabel is a lead writer at NerdWallet covering auto insurance. She's also got a knack for finding stories buried in data. Previously, Isabel worked as a personal finance writer for Morning Brew’s Money Scoop and as a markets reporter at Forbes, where she covered everything from fintech and crypto to billionaires and IPOs. Isabel earned her bachelor’s degrees in journalism and economics from Boston University, where she fostered a passion for throwing intimidating jargon out the window to make financial topics accessible to all. Read articles by Isabel.
Drew Gula is a NerdWallet authority on auto insurance. He previously worked as the senior content editor at Soundstripe and as the senior writer in Liberty University's marketing department. Drew is also a published author. Read articles by Drew.
Sarah Schlichter is a NerdWallet authority on homeowners, renters and pet insurance. Prior to joining NerdWallet, she spent more than 15 years in digital media as a writer, editor and spokesperson. Sarah enjoys delving into complicated topics and helping readers understand the ins and outs of their insurance coverage. Read articles by Sarah.
Lauren Schwahn is a writer at NerdWallet who covers credit scoring, debt, budgeting and money-saving strategies. She has contributed to the "Millennial Money" column for The Associated Press. Her work has also been featured by USA Today, MSN, The Washington Post and more. Lauren has a bachelor’s degree in history from the University of California, Santa Cruz. Read articles by Lauren
Tommy Tindall, a writer at NerdWallet since 2021, covers a range of personal finance topics, including side gigs, saving strategies and smart shopping. His work has appeared in The Washington Post and MarketWatch. Tommy previously worked in marketing at Fannie Mae. Read articles by Tommy
