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I want to cancel a credit card because I just don't need this many. I was told that canceling a card is bad for your rating. I got a letter from the card company and if I refuse to accept the new high rates, I can't make any new purchases again. I don't owe them or anyone else any money. Will they cancel the card automatically if I refuse the new terms? What is the best way to get rid of this card without negatively affecting my credit rating?
Canceling card is bad for rating
Welcome to the forums!!!
You can’t get rid of this credit card as because canceling credit card will affect your credit score badly. Try to pay off your credit card debts asap.