Freeze credit card spending. Closing an account could impact your credit utilization rate , a number that reporting bureaus use to evaluate your current spending habits and your future creditworthiness. If you have all three cards, then your credit utilization rate is 33% ($2,500/$7,500). Closing a credit card will also negatively impact your average age of accounts, which shows lenders or credit issuers that you can responsibly manage credit over time. Your debt-to-income ratio and credit utilization ratios should have improved, which may help you qualify for a consolidation loan.