cancel credit card or keep it open to improve credit score?

Cancel it. I bet money they try and lower the rate in order to keep you. See what other cards and lines of credit you can get though.
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you showing an active account with good credit hsitory and 0 balance is the best rate you can get
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just stop using and cut up the card. It won’t improve your credit score if you cancel it but it will hurt it if you cancel it.
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If you’re going to close it make sure that’s what you want to do because they won’t always let you reopen it. But here’s how it works, although allof us look at the credit cards as "available credit" the credit bureaus look at it as " available debt" they go by your debt to income ratio, so they hold that "available debt" against you and it brings your credit score down. By closing the card it will take 2-3 months for the credit bureaus to update their records, but it will bring your credit score up by closing it. Unless you don’t have anyother credit cards, then you should keep it open & use it from time to time & keep your debt below 50% of whatever credit line they’ve given you, but also carry a balance will build it up too, paying in full every month DOES NOT HELP. Pay at least twice the minimum payment.
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Financial advisor for credit card services

You want to keep the credit card acct open. – if you cancel it it makes your score drop

not sure if I can explain this correct but they look at it like this…

say you have 3 credit cards, each one has a credit line of $3000 dollars, well say you have 500 dollars charged on 2.. to credit card companies it looks like you have an available line of $9,000, and you are only using a small percentage of that… (im not good with percentages but say that would be less than 10% percent of your available credit)

if you close one of them then you only have 6,000.00 credit available and where you owe 500 on each – it looks like your using say 30% percent of your available credit..

ok so that is the best way I know to explain it… but it is said most places you credit looks best if you keep unused cards open
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cancel the card If you don’t plan on using it. I would recomend you close all the cards and not play the credit card game.

If you keep a card open and not use it. It will not do a thing for your credit score. You have to borrow money and make payments to get a high score. You have to keep borrowing money and keep making payments to keep a high score.

All you are gonna get is debt.

Pay as you go. Live on less than you make and dont worship at the alter of the almighty fico (I Love Debt) score and you will have money.

Debt free is the way to be!
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