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Question By
Jpassa27

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Credit builder loans: What happens to my credit score if o close the account

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Whenever you pay off and close a current account, you will see a reduction in your credit score.   The reduction is because the account is no longer active and only active ac****s count for your credit score.   It also has an impact on your average age of accounts, thus, a lengthy aged account will hurt more than a recent/short term account.   While you encounter the loss, you add reference to your credit report and your can bebuild the loss by keeping other accounts current and properly managed.

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Reply by
faidros

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ac****s = accounts

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