Closed accounts and credit score
Date: Fri, 03/19/2010 - 04:16
I have recently closed an unused credit card as I'm trying to repair my credit report but amazingly my move resulted in a drop in my rate instead of improving it. I'm so frustrated
:( Isn't it supposed to improve my score instead of lowering it?
:( Isn't it supposed to improve my score instead of lowering it?
Actually the three major credit bureaus have their own notions r
Actually the three major credit bureaus have their own notions regarding the FICO score, which determines the credibleness of a borrower.
Lately, closing down of credit card will not improve your credit score in fact it's injurious, as credit score is a compilation of your lending history. Hence, closing a credit account with an extensive history may hurt your credit score.
Yes, I found that to be true. I had several long-standing accou
Yes, I found that to be true. I had several long-standing accounts that went into a debt management program. The counselor said I had to close all my accounts. I did and, boy, did I take a beating...... But I think it is better for the holder to close the account rather than the creditor.
