How Does Closing My Barclays Card Affect My Credit Score?

How Does Closing My Barclays Card Affect My Credit Score?

Barclays, headquartered in London, England, is a popular multinational bank. Many consumers have Barclays credit cards. Owning a credit card and using it responsibly can be an excellent way to positively affect your credit score. However, you may need to close your Barclays credit card. It's important to understand the different ways this will affect your credit score. If you have questions about how closing your Barclays card affects your credit score, reach out to Barclays.

Ways That Closing Your Barclays Card Affects Your Credit Score

There are a few ways that closing your Barclays credit card will affect your overall credit score. It's important to understand the effect closing your credit card account will have on your credit score before you finalize the process. Having a clear understanding of this will help you make an informed decision about closing your Barclays card.

1. When you close a credit card, you reduce the average age of all your credit card accounts. This is a special concern if the credit card you are closing is one that you've owned longer than your other credit cards, as this can be a reason for your credit history to become shortened.

2. When your entire amount of credit available to you falls, you then cause your credit utilization to rise. This will ultimately have the same effect on your credit score as if you've incurred additional debt.

3. Before approving your credit card application or loan, some lenders will require that you have a long credit history.

If you have any questions about the ways that closing your Barclays card affects your credit score, contact Barclays.