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Yes, cancelling a credit card can potentially hurt your credit score, though the impact depends on your specific financial profile. The primary reason is that cancelling a card reduces your total available credit limit, which can negatively affect your credit utilization ratio—the amount of credit you are using compared to your total limit. If you have other cards with balances, a lower total limit makes your utilization rate jump, which is a major factor in credit scoring models. Furthermore, cancelling a long-standing account can eventually reduce the average age of your credit history once the account falls off your report after ten years, which may also lower your score. If you have multiple cards with large limits, the impact might be minimal, but for those with limited credit history, cancelling a card is often discouraged. It is usually better to keep the account open and use it sparingly to maintain a longer history and a higher total credit limit.
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