Should I close these credit accounts?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
from your credit report if you close the account. Second, long
established accounts show you have a longer history of
managing credit, which is a good thing. And third, having
available credit that you don鈥檛 use does not lower your FICO
score. You may have reasons other than your FICO score to
shut down old credit card accounts that you don鈥檛 use.
But don鈥檛 do it just to get a better score.
Whether you are showing a balance on certain types of accounts. In some cases, having a very small balance without missing a payment shows that you have managed credit responsibly, and may be slightly better than carrying no balance at all. On the other hand, closing unused credit
accounts that show zero balances and that are in good standing will not raise your FICO score
Note that closing an account doesn鈥檛 make it go away. A closed account will still show up on your credit report, and its history will be considered by your FICO score.
Hope this answers your questions.
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