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Question By
SGirgis

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Does closing accounts hurt my score?
I feel that closing some old credit cards lately, is the reason of increasing my credit utilization ratio to 53%, which I think led to the decrease in my credit score of 48 points!! do you think if I increase my credit limits or apply to another credit card, my credit utilization will drop, and that will get my score higher back? Or, applying to a credit card or trying to increase the limits are both not the best measures at the time being? thanks Sam

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It's a double edged sword...

Helpful to 2 out of 2 people

You shouldn't have closed those accounts. You already answered your own question. You decreased your overall credit limit, now your showing more usage. Now you have to reapply for more credit, which will show hard inquiries on your report, which will lower your score even more.

I would get the new cards, take the hit on the inquiries and wait for it to go back up. It will take a little while.

Reply by
SGirgis

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thanks for your help, that's what I'll do, wait couple of months, if I'm not able to pay all in full, I'll apply to one of CC of the balance transfer offers. thanks again.

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