Stop Cancelling Cards—Change Them Instead!

Canceling your credit card is the dumbest move you can make! Seriously, you could be throwing away thousands of dollars. Did you know that if you cancel a card, you might drop your credit score by 100 points? That’s right! Your credit utilization ratio takes a hit, and you’ll lose that card’s history, which accounts for 15% of your score. Instead of canceling that old card, just switch it to a no-annual-fee product with the same issuer. Keep that credit line open and protect your score while still getting the benefits you want! Remember, you worked hard for your credit — don’t sabotage it. So, before you hit that cancel button, think product change, not cancel.