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Canceling credit cards: Does it help or hurt credit?

 

Last updated 12/10/2017 at Noon

Consumers should exercise due diligence before closing a credit card account.

FALLBROOK – Credit cards offer many advantages, including providing a measure of insurance when making purchases and enabling an individual to develop a healthy credit score through prompt payment of balances. According to a 2016 Gallup report, about three out of four adults in the United States have at least one credit card; many people have two or three.

While there is no magic figure for how many credit cards is the “right” number to have, those shiny plastic cards can have a significant impact on consumers’ financial well-being. People looking to rein in spending or consolidate...



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