Yes, it can affect Credit Utilization as well as Credit History.  Credit utilization measures how much is owed relative to the total credit limit. Low credit utilization suggests a borrower is not over-leveraged and can keep up with payments. Cancelling a credit card causes the total credit limit to decrease and may cause the reported credit utilization ratio to rise. That could negatively affect your credit score. The impact on the credit utilization ratio is usually more... [read more]