Is It Better to Close an Unused Credit Card
You cant close a credit card with an outstanding balance. Is it better to cancel unused credit cards.
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Yes it is better to close an unused credit card.
. If you have been holding a Credit Card for a long time say 2 to 3 years then it will not be wise to cancel the card but if you have had the card just for a few months then the closure will not have a significant impact on the credit score. FAQs on How to Close a Credit Card. Unused Credit Cards have a direct impact on the credit utilisation ratio and the length of the credit history.
In case you want to close the credit card you will have to clear the balance that may be on the. What happens if you cancel a credit card with a balance. However since Credit Cards can be used.
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