Should I close acounts to raise

Discussion in 'Credit Talk' started by toyclubusa, Jan 9, 2004.

  1. toyclubusa

    toyclubusa Member

    If close some acounts will it help my fico?
     
  2. dixidriftr

    dixidriftr Well-Known Member

    yes, no, maybe... depends on the specifics of the information on your credit reports.
     
  3. lbrown59

    lbrown59 Well-Known Member

    Usually that will lower it.
    Kills your utilization.
     
  4. texan

    texan Well-Known Member

    To many factors involved - does not always make sense. I recently had a negative TL deleted and score actally went down 20 points. Go figure.

    The system is not fair.
     
  5. lbrown59

    lbrown59 Well-Known Member

    It's not a system it's a scheme
     
  6. jaytee

    jaytee Well-Known Member

    if closing the account(s) will raise your utilization, lower the average age of open accounts, or make you not have revolving credit card or revolving charge card accounts then it will lower your score. otherwise go ahead. but the only account you usually want to close is a new one with a low credit limit if you have very low utilization.
     

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