Originally Posted by
clacko
nor do i understand why reducing one's credit line would lower one's credit rating....good luck...
The people who assign credit ratings are quite arbitrary in some cases. However, their explanation for this is the following - if you cancel a card, then you are reducing your available credit. If you keep outstanding balances the same, you are then using a bigger % of your available credit, and that lowers your credit score, especially if it puts you over 20%..