Dear Liz: I know closing accounts can hurt my credit scores, but I want to cancel one of my reward credit cards that has a high annual fee and open a different reward card with no annual fee. Will opening the second credit card restore the drop in my credit score that will occur if I cancel the first card?
Answer: No. Both closing and opening accounts can ding your scores. But the damage is likely to be minimal if you have plenty of other credit.
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