Closing a line of credit can affect your credit score in three ways:
It can shorten your credit history, making you less reliable to lenders.
It reduces the variety of account types in your credit history, which can affect your credit mix.
It increases your credit utilization rate, as you’ll have less credit available. This can lower your credit score.
Improving your credit score takes time and patience. But there’s good news! We keep your line of credit open for 12 months after you cancel your subscription. That way, if the age of your credit history is reduced from the cancellation, it won’t show up for at least a year (if at all).