Why did my credit rating take a hit if I cancelled my credit card?
Financial Post ·
FP Answers: Closing an account to new purchases does not cancel the balance you owe but you can create a repayment plan
Q: I had about $7,400 left on a credit card I’d been chipping away at, so in September I called and cancelled it to stop myself from using it again. I figured that was the end of it. Instead, the statements keep coming with interest, two pre-authorized payments bounced and my credit score took a real hit . Did cancelling make this worse, and what do I do now? —Cindy Read More