If I am sure I want to cancel a credit card, should I lower the limit as I am paying it off?

[Date_a_Snob]

[BoopBoopBeep]

Once you cancel it your credit score will go down. It'll go down if you keep lowering your limit, because part of your score is your usage ratio. If you have a 30k limit with a 10k balance that's better than a 10k limit with an 8k balance.

If possible you should downgrade the card to a free version instead of cancelling it if you don't find it to be a valuable card anymore, that way you keep it as a data point for average age of card and total available credit, both of which affect your overall score.

[madhatters4]

don't lower the limit. just pay it off.

cancelling it could lower your score... but only temporarily so long as you are making good financial decisions otherwise.

so no. do not lower the limit. try to just pay it off and not accrue more debt. what is your plan for once you pay it off? get a new card? go without a credit card?

[Paris13]

You will Be paying Off the Interest at First and It Takes Forever... Depending on That Amount of The Card. xxoo

[Paris13]

Thanks, Gag. xx

[Anonymous]

If you’re not concerned about your credit score just knock out the debt then cancel it. If you don’t have the discipline to not use it, then I’d suggest cutting it up while paying it down. It’s going to affect your credit score once you cancel it but that may not be as bad as not being able to control your urges to use it.

[smilelots]

Talk to somebody you trust about finances Lowering your limit is a great idea if you’re gonna keep the card If you’re gonna get rid of the card, then it really doesn’t matter. All you have to do is finish paying what you owe.

[Friendlybro79]

Cancelling lines of credit can lower your credit score sometimes. Instead of lowering the limit just don't use it, pay it off and keep it open. Unless it's a store card.

[Likes2drive]

I wouldn’t touch it unless it’s paid off but it can affect your credit score because it lowers your borrowing amount

[Mansearching]

Stop using it first. Then pay 1.5 times the monthly payment. You'll pay it off sooner.

[LunarEclipse433]

I wouldn’t as to not affect your credit score as bad as just canceling it.

[Anonymous]

If it costs nothing... keep it

If it costs then pay it off and cancel it

[Sparkie460]

Leave the limit alone, don't use it and pay it off

[Awantika03]

For best knowledge consultant ur bank 🏦

[Anonymous]

No, just cancel it.