Does shutting down an inactive credit card affect your CIBIL score?
Adhil Shetty, CEO of BankBazaar, explained that canceling a credit card you no longer use lowers your overall credit limit. While your credit utilization ratio stays the same, this action can still influence your CIBIL score. Furthermore, it removes the account's credit history, which is a key metric lenders use to evaluate your financial habits. Keeping older credit cards active is beneficial for maintaining a solid, long-term credit profile.
by shortkt.com✓