I recently cancelled a store credit card(fashion bug) that has been unused and unknown for @3years, will this adversly affect our credit rating . My wife thinks this is aweful decision and will affect our credit rating. Should I have just left it ? Thanks in advance. Mark.

Credit scores can be adversely affected by cancelling credit cards that are reflecting a positive pay history.  It's better to keep them open than closing them if they aren't charging you a fee.

It is doubtful that it would significantly affect your credit score either way unless you have very few other accounts on which your score would be based.

I agree with Kent - if you have other positive trade lines there should be little to no impact on your credit score.

I agree with both Kent and Gary unless you have a limited credit history.

Take a look here for more information

http://www.myfico.com/crediteducation/whatsinyourscore.aspx