Credit tip number 5 is to use caution when closing accounts. Closing an older account isn't always a good thing because it can cause your credit history to appear shorter and lower your score. If you're anything like me you found out the hard way (back in my college days) after you already closed an account. Keep those accounts open so you build up a longer history of using credit so that your credit score will keep going up!
Whitney,
This is a great tip, happened to us 10 years ago,, when we got rid of an account, which we paid in full each month. LOL, have a great weekend. A
I just had a client close two credit card accounts and she no longer qualifies. :-( #creditscorehit
Thanks for a great Credit Tip Series Whitney, many will benefit from reading these.
Alexandra-Sometimes we have to learn the hard way I guess! Around the same time I closed my account I was doing many other "adult" things for the first time, like putting utilities in my name at my apartment and filling out FAFSA forms. I remember asking my parents if there was a handbook on life! Hah. How helpful that would be!
Pamela-Yikes, I'm sure she's kicking herself for that one :(
Tom-Thanks for stopping by! I hope these tips will be helpful!
I actually thought of you the other day when I wanted to close an account ;) Is there a good time to close an account?
Comments (7)Subscribe to CommentsComment