 TITLE: How Long After Paying Off a Credit Card Will My Credit Score Go Up? CONTENT: Should You Cancel a Credit Card After Paying It Off?\n----------------------------------------------------\nOnce your card account is paid, you might feel tempted to cancel the card to prevent yourself from accruing another high balance. Canceling your card may not be the best idea, though. An established credit account helps your credit score in a few ways, even if you don't use the card frequently.\nOne major reason not to cancel a credit card is that your card accounts contribute to your total available credit, which affects your credit utilization ratio. To calculate this ratio, divide your total credit card balances by your total available credit. Your credit utilization is one of the most important factors in your FICO® Score☉ , and a ratio of 30% or higher can affect your scores negatively. Keeping your paid-off account open is a way to help keep your overall credit utilization down.\nAnother reason is that a credit account you've had open for a while helps increase the average age of your accounts and the length of your credit history, which accounts for 15% of your FICO® Score.\nIs it ever a good idea to cancel a card? You might consider it if, for example, you're paying a high annual fee without making use of the card's rewards or benefits. You might also want to replace a card that has a high interest rate or too few rewards or benefits. Before you cancel, contact the card issuer and explain your concerns. They may be able to move you to a different card that doesn't have an annual fee and is better suited to your needs, or help you figure out how to lower the interest rate on your current card. END