Quote:
Originally Posted by forgop
False. Closing accounts can negatively impact your score because you decrease your available credit. If you have $20k in available credit and you eliminate $10k in available credit, you DECREASE your score in that you have a much harder time lowering the balance/limit ratio if balances are any issue at all.
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I should have been clear.
I meant close them as you pay off.
In my case, when I closed down those accounts, the only debt I had was my home and I had an open equity line of credit with a zero balance.
I kept two cards only with about $20K credit line with no debt.