Why did my credit rating take a hit if I cancelled my credit card?

1 hour ago 5

Credit bureaus treat a cancelled card's remaining balance as a maxed-out account rather than a small increase in the share of available credit you are using.

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 Read Entire Article

Why did my credit rating take a hit if I cancelled my credit card?

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