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п»їThe Safe Way to Cancel a Credit Card.
How to cancel a credit card without dinging your credit score.
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You’ve likely heard that cancelling a credit card account could damage your credit score. And while it is true that closing a credit card can impact your score, that isn’t always the case.
Typically, it’s best to leave your credit card accounts open, even if you’re not using them. However, there are a few valid reasons why you may want to close an account. Keep reading to learn what they are, plus details on how to cancel a card the right way.
Key Takeaways.
Although it goes against general credit advice, in certain circumstances closing a credit card account is necessary. A credit card can be canceled without harming your credit score⁠—paying off your balances first is key. Closing a credit card will not impact your credit history, which factors into your score.
Understanding the Impact of Credit Utilization Ratio.
There’s a reason why credit experts advise against closing unused credit cards. “Canceling a credit card has the potential to reduce your score, not increase it,” Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report, explains.
This potential score drop often occurs because closing a credit card can impact your credit utilization ratio. The ratio measures how much of your total available credit is being used, according to your credit reports. The more available credit you use (per your reports), the worse the impact will be on your score. п»ї п»ї
Here’s a simple example of how closing a $0 balance credit card could backfire:
Credit card number one has a $1,000 limit and a $1,000 balance. Credit card number two has a $1,000 limit and a $0 balance. Your credit utilization on both cards combined is 50%. ($1,000 total balances + $2,000 in total limits = 50% utilization) Close credit card number two and your credit utilization jumps to 100%. ($1,000 total balances + $1,000 total limits = 100% utilization)
You should aim to pay your credit card balances off in full every month. Doing so not only protects your credit scores, it can also save you a lot of money in interest.
Paying your balance in full is especially important before closing a credit card account. Provided all of your credit cards show $0 balances on your credit reports, you can close a card without hurting your credit score. п»ї п»ї
The higher the utilization ratio, the more it can negatively impact your score so it is commonly recommended to keep it below 30%. п»ї п»ї
Good Reasons to Cancel a Credit Card.
Canceling a credit card is usually a bad idea. Nevertheless, there are some circumstances in which a card cancellation could be in your best interest. Here are three.
Separation or Divorce.
It’s best to close joint credit card accounts during a separation or divorce. As a joint card holder, you’ll be liable for any past or future charges made on the account. It’s not uncommon for an angry ex to run up excessive charges on a joint card out of spite.
If that happens—or even if routine spending occurs on a joint account after separation—the charges will be your responsibility as well. Your divorce decree might say your former spouse is responsible for the debt, but that won’t release you from your obligation in your lender’s eyes.
High Annual Fees.
If your card issuer charges you a high annual fee for an account you don’t use, cancellation might be warranted. However, consider the following first.
If you receive benefits from the account that outweigh the annual fee, such as travel credits and perks, it might be worth the cost. An annual fee on a credit card you don’t use or benefit from is another story.  
Before you cancel the account, try calling your card issuer to ask for the annual fee to be waived. Be sure to mention that you’re considering closing your account. It doesn’t hurt to ask, and you might be pleasantly surprised.  
Too Much Temptation.
Some people find the temptation of using credit cards too much to resist. And while this might be a valid reason to close a card for some, there are other ways you can try to curb overspending without sacrificing your credit score.
For example, you could remove your credit cards from your wallet and store them in a safe place. By not having your cards readily available, you may find the temptation easier to resist.
Once a credit card is canceled, you won’t be able to reopen the account.
Cancellation Checklist: 6 Tips.
Let's say you do decide that closing the account is the best step. Here are six simple tips to help you navigate the process: п»ї п»ї
Redeem unused rewards on your account before you call to cancel. Ideally, pay off all your credit card accounts to $0 before canceling any card. At the very least minimize your balances as much as possible. Call your credit card issuer to cancel and confirm that your balance on the account is $0. Mail a certified letter to your card issuer to cancel the account. In it ask that a letter confirming your $0 balance and closed account status be mailed to you in return. Check your three credit reports 30 to 45 days after cancellation to make sure that the account reports that it was closed by cardholder and that your balance is $0. Dispute any incorrect information on your reports with the three credit bureaus.
Closing a Credit Card Won’t Impact Credit History.
You may have heard that closing a credit card causes you to “lose credit” for the age of the account. That is mostly a myth.
Credit expert John Ulzheimer, formerly of FICO and Equifax, confirms that closing a credit card will not immediately remove it from your credit reports. “As long as the credit card remains on your report, you will still get the value of the age of the account in both the FICO and VantageScore branding credit scoring models. The only way to lose the value of the age of the card is if it’s removed from your reports,” Ulzheimer adds.
A closed account will remain on your reports for up to seven years (if negative) or around 10 years (if positive). As long as the account is on your reports, it will be factored into your average age of credit. п»ї п»ї
The percent FICO uses to factor in credit history as part of your overall credit score. Payment history and amounts owed, categories with the largest impact out of five, account for 35% and 30%, respectively. п»ї п»ї
The Bottom Line.
Don’t close a credit card account without a good reason. Having a lot of credit cards won’t necessarily hurt your credit score significantly if you handle them responsibly. However, if you need to cancel a card, do your best to reduce all your credit card balances first (preferably to $0), so you can either minimize or totally avoid any credit score damage.
Which Credit Score Is Used for Car Loans?
Through April 20, 2022, Experian, TransUnion and Equifax will offer all U.S. consumers free weekly credit reports through AnnualCreditReport.com to help you protect your financial health during the sudden and unprecedented hardship caused by COVID-19.
In this article:
What Is the Difference in Credit Scores? What Credit Scores Do Car Lenders Use? How Do I Check My Auto Score? Improve Your Credit Score Before Buying a Car Don’t Overthink Your Credit Scores.
Lenders can choose which credit score they want to use when evaluating your auto loan application. Different lenders might use different scores, and even the same lender might test several credit scores. As a result, you likely won't know exactly which credit score the lender will see when you apply for an auto loan.
What Is the Difference in Credit Scores?
While the fundamentals behind consumer credit scoring models are similar, each credit scoring model uses specific criteria to analyze one of your credit reports and generate a credit score.
Sometimes there are small, but potentially important, differences. For example, one credit scoring model might ignore paid collections accounts while another might consider a collections account a negative item even if it's been paid.
FICO В® and VantageScore are the two market leaders in credit scoring, and the base scoring models they create also share some similarities.
Each model only looks at the information in one of your credit reports from Experian, Equifax or TransUnion to determine your score. A higher score is best because it indicates you are less likely to miss a loan payment.
The latest base models also have the same scoring range: 300 to 850. However, FICO В® also has industry-specific scores, including scores for auto lenders, that range from 250 to 900.
What Credit Scores Do Car Lenders Use?
Although you might not know exactly which credit score an auto lender will use, the following types of credit scores are popular options:
FICO В® Score в‰ 8 and 9. These are the latest generic FICO В® scoring models. Although FICO В® didn't create these models specifically for auto lenders, they are widely used credit scores, and auto lenders may use a base FICO В® Score when reviewing auto loan applications.
FICO В® Auto Scores. There are multiple versions of the industry-specific FICO В® Auto Score, which is created specifically for auto lenders. The FICO В® Auto Scores are based on a generic FICO В® Score, and then the score is altered to better predict a person's likelihood of repaying an auto loan on time. Your history with auto loans could be especially important in determining your FICO В® Auto Scores.
VantageScore В® 3.0 and 4.0. These are the two latest versions of the credit scoring model created by VantageScore, a credit scoring agency founded by the three major credit bureaus (Experian, TransUnion and Equifax). According to a 2017 report from VantageScore Solutions and financial consulting firm Oliver Wyman, auto lenders used a VantageScore credit score for more than 70% of new auto loan and lease decisions from July 2016 to June 2017.
There are many minor differences between how FICO В® and VantageScore use the information in your credit report and between the different scoring models from the same company. However, all these scores rely on a similar analysis of one of your credit reports. As a result, the actions that can help one score (like making on-time payments) could improve all your scores.
How Do I Check My Auto Score?
You can check your FICO В® Auto Score by purchasing your credit reports and scores by enrolling in a credit monitoring product. However, there are also many ways to check your other credit scores for free.
While each score you receive will depend on the scoring model and the underlying credit report, knowing these other scores can give you a general idea of where you stand before you apply for an auto loan.
Some of the places you can look for a free credit score include:
Banks and credit unions Credit card issuers Private student loan lenders Online financial product comparison sites Credit and financial counseling organizations Experian gives you free access to a FICO В® Score 8 based on your Experian credit report AnnualCreditReport.com offers one free report from each of the credit bureaus each year.
Improve Your Credit Score Before Buying a Car.
If you check your credit scores and think it might be best to work on your credit before taking out an auto loan, here are some suggestions for improving your credit:
Pay down credit card balances. Your credit utilization rate is the percentage of your revolving account (credit card) limits that you're currently using, and it's an important credit scoring factor. To figure out your utilization rate, divide your total credit card balances by your total credit limits. The lower your utilization rate, the better. If you currently have a high utilization rate (over 30%), paying down credit card balances could be a quick way to increase your credit scores. Consolidate credit card debt. If you can't afford to pay down your credit card balances, you could apply for a debt consolidation loan and use the money to pay off your credit cards. Installment loans, such as personal loans, won't impact your utilization rate. As a result, transferring the debt from credit cards to a personal loan could improve your scores—as long as you don't then charge up those cards again. Keep your credit cards open. Closing your credit cards, even a card you never use, will lower your available credit and increase your utilization rate. There are exceptions, though. For instance, some people may want to close their credit cards if they have trouble avoiding overspending or the card has an annual fee that doesn't seem worth paying. Continue paying bills on time. Even one late payment could hurt your credit scores, and you want to make sure your recent credit history is as clean as possible before applying for a new loan. Hold off on other loan applications. Applying for a new loan and taking on additional debt could hurt your credit scores. Unless you have a pressing need, such as consolidating debt, it may be best to pause new credit card or loan applications until after you buy a car. Review your credit reports for errors. Double-check your three credit reports for errors that may be hurting your scores and file a dispute if you find one. The credit bureau must investigate your claim and either validate, update or delete the information.
These actions could improve all of your credit scores, which can make it easier to get approved for an auto loan with a favorable rate.
Don't Overthink Your Credit Scores.
While your credit scores can be important, there are three reasons that it makes more sense to focus on general healthy credit habits rather than a specific score:
Many consumer credit scoring models use similar criteria to determine your score. You don't know which scoring model an auto lender will use. If you apply for financing through a dealership, the finance office may submit your application to multiple lenders that could use different scores.
Building a positive credit history can help increase all your credit scores, and you won't need to worry about which score the lender uses.
How To Get Your REAL Credit Score - The One That Lenders See.
Modified date: March 22, 2021.
A reader recently wrote in asking about credit scores. She wanted to understand why the credit score she received from the credit bureaus was different than the score used by her bank. Here’s her question:
Q: I enjoy reading your blog. I have one question regarding the credit scores. I checked my credit scores with the three credit bureaus, and I was happy to see that my scores were all up well above 600 for each of the bureaus.
Then I went to my credit union. To my big surprise, the manager, after checking my scores based on their system, [said my credit] was well below what I saw with the bureaus.
She told me the credit score we as consumers see with the bureaus is always higher than what lenders such as credit unions and banks see. My question for you is – is this really true? If so, how can we as consumers get our real credit score before going to the lender?
A: So what’s going on here? Several things. First of all, let’s think about credit scores generally. How are they calculated? You need two things to calculate a credit score: data and a credit scoring formula.
The data comes from the credit bureaus – TransUnion, Experian, and Equifax. Each bureau compiles data about your bill paying habits, late payments, credit limits, credit utilization, inquires, and more. To calculated a credit score, this data must be paired with a formula.
The most widely recognized formula comes from FICO. (There are a few competing formulas on the market, but FICO is still the most widely used by the majority of lenders.) We need these two things to generate a credit score.
There are, however, a couple of problems we could encounter that can result in different credit scores. One is that the information in your credit file may vary from one credit bureau to the next. For the most part, the data will be similar, but there will probably be some differences.
Why? Well, you may have a car loan or a bank loan that doesn’t report to all three credit bureaus. The creditor may only report to one or two of them. So one will have the information, but the others will not. One of your credit files may have errors in it, which is actually quite common. It’s not uncommon to check your credit file and find differences between each of the three major bureaus. So that’s part of what’s going to result in different credit scores.
Tip: Use Experian Boostв„ў to track your real FICOВ® Score.
The second reason, which is actually even more of a problem, is that there are multiple credit scoring formulas. Even FICO, which you’ve probably encountered, has several different scoring formulas.
There are a couple of reasons for this. FICO is constantly tinkering with its credit scoring formula to get the most predictive tool possible. The goal is to get a formula that accurately predicts credit risk, and they’re constantly adjusting the formula to achieve that goal. Some lenders may choose to use the newest version of the formula, but others may continue to use older versions. (Remember, it usually costs lenders money to update their systems with the latest FICO formula.)
The second problem is that some lenders and industries have customized versions of the FICO formula. For instance, the FICO formula used on your credit file when you apply for a home loan might be different from the formula used when you apply for a credit card.
And there’s still one more problem. Lenders can customize their processes even more on their own. Some lenders take into account other information outside of your FICO score or even your credit file. Some develop their own formulas – or use a formula that wasn’t developed by FICO. And some take into account other information that they may have on you.
So even if we’re looking at the exact same data from the credit bureaus, there are still many formulas to generate a credit score. And this leads to each individual having a variety of possible credit scores. As a result, your lender may and in most cases probably does see a credit score that’s different from what you may have obtained through one of the credit bureaus or even directly from FICO.
That’s the bad news.
The good news is that if you check your credit score through FICO, it will likely be reasonably close to what most lenders will see. I know “reasonably” and “most” are caveats here. You could wind up with a lender that doesn’t use the FICO Score or uses an older version of the formula.
As to the reader’s question, is it always the case that the score you get from a FICO, Experian Credit Karma or other score providers higher than the score a lender sees? Absolutely not. I actually know from personal experience in applying for mortgages that sometimes the score a lender receives is higher than what you get yourself. So your score could be higher or lower for a lender than it is for you. You just don’t know.
There are a few other things to consider. If you check your score in January and then apply for a loan in March, your scores could be different just because there’s more information in your credit file. When your score gets pulled in March, the lender is using the most up-to-date data from the credit bureaus.
Also, regardless of which formulas are used, you’ll take the same steps to improve your score. Paying your bills on time, keeping credit card balances low, and leaving older accounts open will help raise your score.
Ready to increase your score now? Experian Boostв„ў can help raise your FICOВ® Score with every utility and mobile phone bill you pay on time. Until now, those payments did not positively impact your score. Start now for free.
Experian Boost Disclaimer - Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
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If you are in the market for a loan, the best place to find the score most likely to be used by lenders is directly from FICO. You can click here to be directed to the FICO website, where you can check out your FICO score.
Another option is to check out Credit Karma and/or Credit Sesame. I did a study based on my own credit scores to see how similar their (free!) scores were to the actual FICO Score I obtained when I applied for a mortgage. The scores were surprisingly close. Plus, these services can show you what’s helping your scores and what’s hurting your scores. Even if the number isn’t perfect, you can get an idea of what you’re doing right and what you could do better if you need to improve your credit score.
And if you’re in the market for a big purchase – like a home or a mortgage refinance – that information can be invaluable.
You Don’t Need a Perfect Credit Score to Get an Airline Card.
Alexandria is a credit card writer covering everything from the latest credit card news, individual card reviews, and Best Of roundups to tips for getting the most value out of your card. Her work appears on MagnifyMoney and.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
If you’re looking for a miles or travel credit card, you may be under the impression that those cards are reserved for people with the highest credit scores.
But many lucrative mile and travel credit cards don’t require anywhere near a “perfect” credit score to qualify. However, it’s difficult to pinpoint the exact credit score requirements of a new card since issuers use different credit bureaus and criteria to determine eligibility.
The data listed below shows the credit scores of actual cardholders of popular mile and travel credit cards, who registered with CreditKarma, a credit score and monitoring website, from October 2015 to July 2016. It contains these pieces of information for each card:
Average: This is the average score among those approved for the card via CreditKarma.com Typical low: This is the 5th percentile (lowest 5%) of VantageScore 3.0 scores provided by TransUnion for CreditKarma members approved for the card.
THIS INFORMATION IS NOT A GUARANTEE THAT YOU WILL BE APPROVED FOR A PARTICULAR CARD, AND HAS NOT BEEN REVIEWED BY ANY ISSUER. IT IS FOR REFERENCE ONLY.
Credit scores of actual cardholders of popular mile and travel credit cards Average score Low score American Express The Amex EveryDayВ® Credit Card from American Express* 676 630 The Amex EveryDayВ® Preferred Credit Card from American Express* 709 674 American ExpressВ® Business Gold Card 729 658 Delta SkyMilesВ® Gold American Express Card 675 624 Marriott Bonvoy Brilliantв„ў American ExpressВ® Card 743 657 The Platinum CardВ® from American Express 716 643 Bank of America Bank of AmericaВ® Travel Rewards credit card 750 687 Chase British Airways Visa SignatureВ® Card 747 727 Chase Sapphire PreferredВ® Card 736 646 Marriott Bonvoy Boundlessв„ў Credit Card 721 638 Southwest Rapid RewardsВ® Premier Credit Card 670 607 Unitedв„ Explorer Card 714 633 Capital One Capital One Venture Rewards Credit Card 738 664 Citi Citi PremierВ® Card 796 745 CitiВ® / AAdvantageВ® Executive World Elite MastercardВ® 716 633.
As expected, the combined average credit score for the cards mentioned above falls in the good-to-excellent range. This isn’t a surprise since these cards are often targeted to the banks’ best customers, and people who travel a lot tend to be a bit more well off than average. Just note that this data is *only* for the population of people who use CreditKarma.com and may be different than your result with a similar credit score.
What stands out is the “typical low” credit scores for many cards. These credit scores found above show that you may not need a 700+ credit score to qualify for the best mile and travel credit cards. Some cards like the Chase Sapphire Preferred® Card offer wider acceptance beyond just “perfect” credit scores as issuers try to make rewards more accessible.
In fact, scores well below 700 have been approved for many of the miles and travel cards listed above. Credit card approval can also depend on your income or relationship with a bank, or even how many other rewards cards you’ve recently applied for.
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