Closing accounts

Discussion in 'Credit Talk' started by C, Oct 20, 2000.

  1. C

    C Guest

    Does it look bad to close credit card accounts 4-5 months after they were opened? Even the balance was paid off and closed by the customer? Also, and this may sound stupid, but I want to be completely sure: when you pay off the balance on a card and close the account, if the card was partially secured you do receive your deposit with interest in check form soon after, right? Thanks for any help.
  2. dave

    dave Well-Known Member

    it's not necessarily bad to do this. but doing it alot is not a positive when applying for new credit. the bank may wonder how long you'll stick around with them. they are looking for profitability. accounts that are closed within 5 months are not likely to be profitable. also, developing long term trade lines improves your credit score. that's why i keep some of my older cards that i don't really use that much. they don't cost anything and help my score.

    yes, you will get the deposit back and with interest if the bank agreed to pay interest.

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