Houston Credit Repair Experts at Impeccable Credit Services explain the importance of keeping accounts open in the latest blog. Another reference would be this past Ask Impeccable episode.
Does Closing Accounts Raise Your Credit Score?
Someone recently asked if closing your accounts helps raise your credit score. The simple answer is no. By closing accounts your score will not raise, but also drop your credit score. Keep in mind when you close an account you are ending that line of credit history. Credit Scores are held up by positive lines of credit history. It takes awhile to build positive trade lines and good credit history to maintain a decent score, but it is worth it. Do not throw away hard work by closing accounts.
Why Should I️ Keep My Accounts Open?
By closing a good account you essentially are deleting the credit history. An account may be open for ten years and by closing that good existing account it is taking that credit history away. There will be a decrease in the credit score by closing good existing accounts. If you are considering closing an account consider the damage it will do to your credit scores.If you are wanting to close your accounts to save money, don’t. Keep accounts at a zero balance and charge periodically, make sure it is paid down to build the credit score. If you have any questions about debt, credit reports or scores make sure to contact a professional before doing anything hasty such as closing good existing accounts. Credit experts such as Impeccable Credit Services can assist with all of your credit needs.
Houston Credit Repair
Impeccable Credit Services has been proudly voted and ranked one of the top credit repair companies in the Houston area along with 5 other cities. Impeccable Credit has over 18 years in business with over 20 years experience. We are able to assist clients with our expertise and knowledge in the credit restoration field. If you have any questions regarding your credit please feel free to contact us at 713-378-1500. With two physical locations and virtual meetings, we can help anyone in any area.