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Member Since: January 2012

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Credit card utilization and your credit score

Apr 02, 2015

Agree NEVER close an old account. I went through my credit report years ago and closed over 8 old accounts with some I didn’t even remember having. I did this because i went through a little bit of identity theft where someone was using my checking account number and passing checks. So as a responsible person I closed all accounts I wasn’t using in fear one of these accounts may fall prey to being hacked without my knowledge. My score fell from mid 7's to 620 and I am still being plagued with a lower score because of my poor credit history.

As far as the interest goes on a card, really come on you are using someone else’s money and they deserve to cash in on interest rates. It entirely up to you as a consumer to manage your credit card use. It isn’t like you go into it blind not knowing you are going to get charged with an interest rate. I don’t feel for anyone who abuses a credit card.