Cancelling a credit card could cause your credit score to go down. If you do it in an appropriate way,you can minimize the damage.
Take into account how long you have had the account. The longer you've had the card, the worse the impact will be if you cancel it.
"The length of your credit history can also have a large impact on your credit," Heather Battison, vice president of TransUnion, tells CNBC Make It. "Keep this in consideration before closing old accounts before a loan application."
So be deliberate. And be sure to pay off the balance first.
If you want to improve your credit or maintain a good score, experts suggest you set and work toward goals. And be patient.
"It takes time to build a strong, positive credit history," Griffin says. "Don't use credit cards for impulse purchases. Be deliberate about credit card use.
"You can't go from [no credit] to fabulous [credit] overnight," he adds. "Understand the difference between credit and debt. Credit is a financial tool. Debt can become a financial problem."
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