Will closing credit cards I already have increase my credit score?

Closing a credit card you already have may be an appropriate financial step based on your own personal circumstances, but don’t assume it will improve your credit score. It is quite possible that closing an existing credit card could actually hurt your score, rather than help it.

Part of your score is based on the amount of credit you have and the amount you’ve used – this is known as the credit utilization ratio. So closing an existing card can increase your credit utilization ratio and lower your score.

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