closed accn harm score

hi dreamer72

yes u have heard it right...closing accounts can really hurt your score. Though the common perception is closing credit card accounts will increase your score. But it is not true....Information on your credit reports can remain for seven years from the account????????s Date of Last Activity (DOLA). Your DOLA will be updated every month as long as the account is open. But when you close the account your DOLA won????????t be updated and eventually the account will be removed permanently from your report. It would hurt your score the most if you have a great record of making payments on time. And you must be knowing that your payment history counts for 35% of your total score. So, deleting a perfect payment history is a bad option.

Take care
Nelly

Oh gosh, Nelly, thank you for the information...lots of us had the same misconception that dreamer has. Dreamer, best of luck to you in upping your credit scores! I guess the thing to do now is to focus on the open accounts you have (if any) and pay those on time every time and focus on working with the credit you have now, whatever those accounts may be.