Then the question arises as to whether canceling a card could adversely affect the credit score or score, a note that serves to determine a person’s level of risk – the likelihood of not paying a debt or not.
The answer will depend on certain factors
If you have only one card and you decide to cancel it, you lose track of the access to the credit.
In fact, after 4 years of having canceled this line of credit, this experience with plastic financing is excluded from the credit history.
In that sense, canceling the card has a negative effect: the person would be at the same level as someone who has never had a credit in their name.
A different situation occurs if you have two cards
In case someone with good handling more than one plastic decides to have only one card, this will not affect their score.
Optimal management means, among other practices, to consume only 20% of the available credit limit and pay the entire card on time.
But if you have two cards, one is canceled and with which the person stays consumes 90% of the limit, in that case it is harmful for the purposes of the score.
By consuming almost all the available amount of the credit card or overdrawing people express to financial institutions that have little financial flexibility.
In such a situation, it would have been better to keep both plastics.