Every Thursday, we’re unpacking common money myths to keep you informed and support smarter financial decisions. The goal is to help you stay more informed and make better financial choices!
Myth: Closing a credit card improves your credit score 
Truth: It might actually do the opposite 
and here’s why:
Shortens Your Credit History
Credit scores partly rely on how long you’ve had credit. Closing an older card can shorten your average account age, which may lower your score.
Reduces Your Credit Mix
Lenders like to see a healthy mix of credit types. If that card is your only or one of few credit accounts, closing it could impact your credit mix.
Pro Tip: Unless there’s a good reason (like high fees), it’s often best to keep older cards open, especially those with no annual fee, to help maintain your credit profile.
Want to learn more? Check out this helpful article from Equifax on how closing a card can affect your credit: 
Read more here
Was there a credit myth you once believed? You’re not alone, drop it below and let’s learn together. 
@JustBrendo & @futandrew , thank you for sharing this myth and your take on it 