I wish to increase my credit scores by closing accounts.

Hi Rose,

Welcome to the forums. Credit scores are calculated on the basis of the following factors. You can read the page given below.

http://forums.debtcc.com/forums/credit-scoring.html

Credit scoring is directly linked to the mode of payment you do towards your accounts. Regular payments will increase your scores at the most and leaving your account unattended will have worst affects.

The shibboleth is that you need to be regular in your payments so that you are able to maintain your credit identity.

Regards
Roxette

rosemarie, I have found from my experience, that closing accounts is not as beneficial as paying them on time over time. Even if you close them out, the negative payment history remains. However, if you have a lot of debt then paying off some of it can help in regard to the debt to income ratio. If you do pay off the bills, I would suggest sending a letter to the credit company requesting that they alter their reporting of the account to a more positive rating. I did this with 3 paid charged off accounts recently. So far I have only heard back from Capital one. They did agreet to improve thier reporting on this account ever so slightly...but every little bit helps. Good Luck : )

Most of the credit card companies are willing to work with the consumers as long as they are willing to pay their debt.

Besides, closing the accounts also catches NSF fees and other misc. charges which increase the total expenses.