Originally Posted by
andrewwm
I thought that the credit score is also impacted by percent of utilized credit? So if you cancel a card that you don't have much of a balance on, the ratio of balance/total credit limit necessarily goes up.
In any case, the impact isn't that large.
Yes, % utilization counts too, but presumably, since this is a new card, the %utilization would just go back to whatever it was before the OP applied for this card. So, compared to before the OP applied, he/she would lose the possible "boost" provided by having this card and its available credit, but it would not be "ruined" compared to before he/she opened the card, since the utilization would just go back to the original level.