Posted on: 16th Sep, 2009 06:07 am
Will closing paid off credit card accounts improve my credit score?
Hi pettybob1,
welcome to our forum.
In my opinion,regular payments is the best option for improve credit score than closing you paid off credit card account & improve credit score once.
It will improve your credit score by few points.
Thanks & Regards.
gunz.ijjistaff.
welcome to our forum.
In my opinion,regular payments is the best option for improve credit score than closing you paid off credit card account & improve credit score once.
It will improve your credit score by few points.
Thanks & Regards.
gunz.ijjistaff.
closing credit cards will have a harmful effect
George, of course, is correct.
To explain a little further, part of your credit score is determined by length of credit history. If you close accounts, you are decreasing the length of your credit history. If you want to close some accounts, close those opended recently, not those opened a long time ago. But, better to have open accounts with zero balances than closed accounts.
To explain a little further, part of your credit score is determined by length of credit history. If you close accounts, you are decreasing the length of your credit history. If you want to close some accounts, close those opended recently, not those opened a long time ago. But, better to have open accounts with zero balances than closed accounts.
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Its contradictory question. It is having both answer depending upon situation.
I will suggest that you should go bye any professional opinion in that as per your situation.
I will suggest that you should go bye any professional opinion in that as per your situation.