Tips for Canceling a Credit Card

If you’re ready to cancel a credit card, make sure you take the right steps so you avoid getting a hit to your credit score. That means carefully choosing the best time to cancel your credit card. Here are some tips for canceling a credit card:

If you expect to apply for a large loan in the next few months, consider waiting until after you’re approved for the loan to cancel your card.
Pay the card’s outstanding balance in full before you close the credit card account.
If there’s a balance on your card, you could transfer the balance to a card you’re keeping open.

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