Will cancelling a credit card while opening a new one in its place hurt my credit score?

I currently have a credit card that I have never been late on and has a pretty good limit. I was pre-approved by my bank to open another credit card with a lower interest rate and a better limit. I don't really want to have 2 credit cards out at once. Would it hurt my credit score if I cancelled the first card?|||Yes it will.





People actually need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, boats, homes, computers, motorcycles, furniture or personal accounts (installment) all with good long payment history's to have the very best score and credit profile.





Simply dig out your old card every quarter charge something on it so it wont be canceled and pay it off in full before the due date.|||Yes it will. Just put the card in a drawer and forget about it. That is after you pay the balance down to zero.