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 ...

Closing a credit card can feel satisfying like decluttering. Maybe you’re fed up with annual fees, done with debt, or just simplifying your wallet. But as tidy as it sounds, canceling a card can come ...

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 ...

An unused credit card may seem unnecessary, especially if it comes with annual fees. But cancelling it without understanding how credit scores work could have consequences you didn't expect.

Image source: Getty Images Let's say you've got a credit card with a $15,000 limit that you haven't used in years. You're tempted to shut it down to simplify your wallet -- and hey, no harm done, ...

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.