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Cancelling a credit card can lead to a decrease in your credit score due to the loss of credit history and available credit. It's crucial to understand that while closing an account may seem beneficial—especially with high annual fees—it can hurt your credit score, especially if it's an older account with a good payment history. There is a risk of losing not just a portion of your available credit but also the average age of your accounts, which is a vital factor in credit scoring. To mitigate negative impacts, consider negotiating with your credit card issuer for a fee waiver or transitioning to a no-fee card. Remember that maintaining a diverse portfolio of credit can enhance your score. Understanding the nuances of how credit scores work can empower you to make informed decisions and avoid potential pitfalls in your financial journey. Always assess the long-term implications of cancelling a credit card before proceeding.