Closing out old accounts

Closing out old accounts generally does not raise your score. Doing this in many cases will lower your score. Late payments on old accounts wil not disappear from an old acount by the closing the account. Long established accounts show a longer history of managing credit which is good for a credit score.

Nik
President
Virgin Credit

What 35% of your credit score may be based upon.

Approximately 35% of a credit score may be based upon amounts owed or other outstanding debt. A credit score can be negatively impacted if the amount owed is close to the credit limit. A low balance on two credit cards may be better than a high balance on one credit card.

Nik
Virgin Credit