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| *Ostroff, Fair and Company>>>Credit |
Will closing unused accounts hurt or help my credit? |
I have a decent line of credit and a mediocre credit score. I have a "good cushion" of credit avaible. One of the "negative" factors on my credit is cards with low available balances. Many are store cards under $1000. Those accounts are all in good standing and have been there for years, probably longer than some of my higher limit cards. Will closing a couple hurt or help my score? You will need to request that your file state that the account was closed by your choice. The CC companies usually don't report it that way without requesting it that way. Otherwise, it looks as if the store chose to close your account for unknown reasons - it could stand out as a red flag towards your credit.No nope you can open and close as many as you want... late payments/missed payments are what really hurt your score dont close history it will hurt just take the cards and bury them in a drwaer and dont use them Closing credit accounts will help your credit score. Creditors do not want to see somebody with a zillion credit cards -- it's a bigger risk for them and they will charge you a higher interest rate. Closing the credit cards you don't need will be good for your credit record. |
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