Closing credit card accounts impact on score
Thank you for your quick answer to my previous question about whether or not I should pay off credit card debt with the money left to me from a sale of my Mother’s home. You mentioned that I should then close credit cards accounts that are younger so that I will not be tempted to use them again. Won’t that keep my credit score from rebounding?
Terry Says
Don’ t worry about that. As long as you keep older cards, it won’t be much — if any — of a ding. The scores don’t like to see a lot of cards with extensive opportunities to charge them up! Make sure it is reported as “closed at the request of the cardholder.” That makes you look responsible! And your remaining cards will have zero balances — so if you use them again, pay in full an on time. That will boost your score faster than anything else you can do.
