Will your credit score get reset if you close your last credit card for a while?
Suppose you don’t have any credit payments/mortgages/loans etc. You have the only credit card and the only debit card. Suppose now you have a good or an excellent credit score.
Will your credit score get reset or fall down to average rating if you close your last credit card for several months?
This question is for experts only.
Thank you.
A credit score is based on a 12 month activity and usually goes up between 5 to 10% per month providing you are paying on time. If you cancel the card, there will be a small drop (about 3 points).