Kelly-Ann Franklin has spent more than two decades in journalism which has helped her build a wide knowledge base of business and personal finance topics. Her goal with editing is to ensure tough ...

Thinking about canceling a credit card? Here's what actually happens to your score -- and the step-by-step process to avoid unnecessary damage.

You'll typically forfeit unused rewards when closing a credit card account. You can preserve your rewards value by ...

A closed account in good standing stays on your credit report for 10 years. Here's what closing a card actually does to your score.

Closing a credit card the "right way" doesn't protect you from the long-term credit damage that can follow. Here's what most ...

A strong credit score is necessary to show lenders that you are a reliable borrower, and first timers or young customers may ...

Image source: Getty Images Canceling a credit card sounds simple -- call the issuer, close the account, done. But depending on which card you close and when, your credit score could take a big hit.