I JUST DID BALANCE TRANSFERS ON (5) ACCOUNTS, BROUGHT THEM TO ZERO BALANCE. WOULD IT HURT MY SCORE TO NOW CLOSE THESE ACCOUNTS? THEY WERE CREDIT BUILDER ACCOUNTS (ORCHARD, HOUSEHOLD , (2) FIRST NATIONAL BANK OF MARIN). OPEN OVER THE PAST 4 YEARS, W/NO LATED. WOULD IT BE BETTER TO LEAVE THEM OPEN? YOUR HELP IS APPRECIATED
It depends.....what will your utilization be? I just read something interesting on another board...if you get rid of those accounts, closed ones, you know the ones you had open for less than a year will actually help you by bringing the average age of your accounts up... In addition, I asked a similiar question and was told that closing it won't hurt your "age" BUT as I mentioned before, check your utilization overall first...you may want to wait to close them when you bring it down...
I agree with soup. You also want to make sure you don't close the account you've had open the longest. Otherwise your average age of accounts could tank and drop your score. Watch the utilization too. If you're going to be anything over 70% (50% preferably), then I'd leave those other accounts open. Good luck! -Matt
Closing a BUNCH of accounts WILL BITE YOU IN THE BUTT But if you MUST...do it slow...like 1 or 2 every 6 months
I closed a Davids Bridal account DH had opened to buy my wedding dress. It was through HHBank. It had 0 balance for a year. This will not tank his score will it?
Closing accounts can be tricky. *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ***************** >
