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.)
And people are shocked when our world economy is crumbling now because we based it on selling stuff to people who couldn't afford it. Couldn't last forever. People are in love with their credit score all the way to bankrupcy.
Forget about your credit score. Get rid of your cards. Change your lifestyle.
