Thinking of closing accounts to raise your score?

  • FICO Tips – closing accounts
    • Closing old accounts might actually lower your FICO score.
    • Closing a revolving (credit card) account reduces the amount of credit you have available to you, which in turn can increase the percentage of credit you’re using – an increase in this percentage of credit being used can lower your score
    • Late payments and other account history won’t disappear from your credit report if you close the account.
    • Having available credit that you don’t use won’t lower your FICO score.
    • You may have reasons other than your FICO score to close old credit card accounts that you don’t use – but don’t do it just to get a better FICO score.