Thursday, April 12, 2007

Closing credit card accounts can hurt my score

Live Human / to me / show details /
Hi Bo,I didn't know that closing an account could lower my score, and I closed two accounts. It lowered my score 38 ponts! What can I do now? Can I re-open the cancelled cards? (I think one was from citibank). Or should I accept the next american express card or other offer that I get, as opposed to asking for the card? What about raising my credit limit on my existing card? I have no balance on my card, I pay it off every month. I have only one major card now and various store credit cards, all with zero balance. Thanks for your advice. Live Human
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Bo Majors / to Live Human / show details
Closing and account that has no balance should not hurt your score at all.
If this is the case something else is up.
Since accounts need to be open 1 year to get a rating for your score it is usually quicker and more helpful to re open than to start from scratch.
Something else is up I think.
http://www.oskie.com/raise_credit_score_fast_quickly_free.htm

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