Originally Posted by
StayingHomeIsBetter
... and watch your credit score take hit.
False and misleading information.
I have cancelled numerous cards this way and my credit score has done nothing but go up over the past 5 years. (from ~740 to over 800 now)
The only way you are correct is if you have very few lines of credit and a reasonable amount of debt (cancelling one credit card significantly affects your debt/credit ratio). Very few people would be in this scenario. And if you are in this scenario, and really need your credit score at it's max possible, open up more CC (without annual fees). Problem solved.
Worst case is you lose 1-2 points and have an easy way to resolve the issue (open up additional credit lines). Most likely case is zero effect.