Will canceling credit cards that I don’t need hurt or help my credit score? – It may lower your credit score, but only temporarily. A closed account is reflected on your credit file and can affect your score. Closing lines of credit (credit cards) raises your "debt-to-available-credit" ratio. That’s the amount you owe vs. the amount that you can still charge, and it’s an important factor in determining your credit score. If you have a credit limit of $10,000.00 and a balance of $3000.00, then your debt-to-available-credit ratio is 30%. You definitely want to keep your ratio under 50% on each credit card and for a higher credit score you want to be under 30%. Closing lines of credit can also make your credit history appear shorter than it really is, which can work against your credit score. But ultimately, timely payments will be reflected in your credit report and will get your score back up to par.