Will canceling credit cards hurt your credit score?

With credit card companies raising rates and fees on cards consumers don't use, the question is should I cancel my credit card since I don't use it? Instead of going into the whole FICO logic and trying to find out what the effects will be, I will simply advise you to close the credit card account. If you don't use it and don't want to pay the fees, then cancel it.

Will this lower my credit score? Yes, it will but not by much and that score decrease will only be temporary. In today's economy, credit has become a luxury and should be used sparingly.