Why You Should NOT CANCEL Your Old Credit Cards 💳| How Will It Affect Your CIBIL Score 🤔

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TimeStamp
00:00 - Introduction
01:01 - Can closing old credit card affect credit score?
02:00 - Credit utilization ratio can be impacted?
02:37 - Loss of benefits
02:50 - Potential for reactivation
03:20 - Is closing an old credit card beneficial?
04:19 - Conclusion

Why You Should NOT CANCEL Your Old Credit Cards 💳| How Will It Affect Your CIBIL Score 🤔

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DISCLAIMER
We are not SEBI Registered and this video is for educational purposes only and should not be considered as financial advice or an endorsement of specific investments. It is essential to conduct thorough research before making any investment decisions.

[Allan_Ralph]

UPDATE Sept : 2024

An Older credit age may improve your CIBIL score, But if you have multiple credit products with a decent history, then closing your oldest credit card may not impact your score - CIBIL Part of TransUNION

[saisureshreddytadi]

If upgrade the card to a higher version (upgrade from regalia to diners) will that be considered as closing the old card and taking a new card