|TOP 3 REASONS NOT TO CLOSE YOUR OLD ACCOUNTS|
|Posted on: May. 30, 2017 in Uncategorized|
When it comes to credit scores, there’s plenty of advice out there about what you should and shouldn’t do. One popular piece of advice is not to close your credit card accounts when your card is paid off. This one is true most of the time. But do you even know why? Understanding how your credit score is derived can help you understand why closing accounts can hurt your score.
Keep in mind that closing accounts won’t ever help your score. The best that can happen is you’ll avoid using the card and racking up more debt. If that’s your goal, you’re better off securing the card away somewhere so you can’t easily use it rather than closing the account.
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