TheStreet: Should You Break Up With Your Credit Card?
NEW YORK (LowCards.com) -- Credit cards are like relationships. It's sometimes hard to break up, and the split may hurt you more than the other party. While it may feel good to cut up that credit card, losing the available credit could hurt your credit score and raise the costs of future loans.
Closing a credit card account you have paid off or don't use seems like a logical thing to do. But the "credit utilization ratio" is one of the major factors in calculating your credit score, accounting for approximately 30% of it, and closing an account can have a dramatic effect on that ratio.
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