Ask Terry Questions Canceling a credit card

Canceling a credit card

By Terry Savage on November 30, 2023 | Credit/Debt

I want to cancel a Discover card since 2005 that I had for gasoline purchases. Never understood their program so I rarely used the card. Can I cancel the card without hurting my credit score. I have a credit score over 800. I am 73 yo. Card balance is zero

Terry Says

Yes, you can cancel. I’m certain this is not your “oldest” card, which could have a slight impact. But at this point, I’m thinking that your credit score (and mine) are mostly an “ego trip.” If you’re not taking out a mortgage, or a car loan, this isn’t going to matter. And if your score drops a bit, it will bounce back in a few months. You’re still in the excellent range! And you’ll save an annual fee.

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