Does closing accounts hurt credit score?

Guest 0.10 Dollars($)

I've heard closing accounts can hurt credit score. But if someone has multiple accounts, how should he use them? Is there any number as to how many account he can close in a month without affecting his credit score?

banker0679 · Posted: Fri Feb 29, 2008 8:48 am Post subject:

closing your oldest accounts may be one of the worst things you can do. Most of the credit card companies are removing your credit history from your credit file when you close out your credit card. I have seen AMEX do it on a guy who had their card for 20yrs. His credit score dropped!

I have phone or any recurring bills bill to my credit cards.
When I get the bills...I just my credit cards.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Kim,

Welcome to the forum.

Banker has given you sound info. Sometimes we tempt for lower rate credit cards but that actually affects the credit score.

Best of luck,
Larry

enriko · Joined: 05 Mar 2008 Posts: 67 17.43 Dollars($)

Hi kim,

Good to have you here.

They do affect your score/

Good luck,
Riko

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Glad to have you here also.

closing an old account will definately hurt your score, just leave it alone, it won't hurt anything being on there.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.17 Dollars($)

jbarto..you say it won't hurt anything being on there but wouldn't ALOT of accounts opened lower your credit score? I also agree with leaving the oldest ones on, it shows you them you have been keeping your accounts up to date for a long time and have had credit history for a while.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

True, keeping old accounts in good standing is a great way to keep your credit score in great condition.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.17 Dollars($)

Yep. yhou defin ately want to show them you have no problems with keeping your bills paid. Credit is important so if you ever have any doubts about anything stop by the forum and ask.

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