I have been looking a credit reports for almost 15 years now, do not ever cancel an account.
Almost 30 to 40 % of your credit score is the amount of credit available vs. credit used. I have seen certain people's credit swing by 30 to 40 points based on what part of the month you looked at their credit.
If you close the account it looks like you have less available credit.
That is why your credit score is always lower the first couple of months after you make a big ticket purchase (House, Car, Boat, etc.)
Last edited by FL_HUNTER; 10/19/08.
