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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