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Monday, April 19, 2004
Your credit score may drop if you close unused credit cards It's often assumed that the way to improve your credit score is to close all your unused credit card accounts. That often is not the case. If you're near the limit on the credit cards you often use, closing unused accounts will make it look like your total credit utilization is near 100% of the your limit, an undesirable condition. Look for a happy medium.
Don't close the credit card accounts that you've had the longest. Your credit score is improved by accounts that you've had a long time.
Remember that closing an account having derogatory information does not remove that information from your credit report. Derogatory information goes away after 7 years.
11:47:50 AM 
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