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bcart01v

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I have one account with an old late payment. Would credit go up if I close the account?
I only have 3 lines of credit, 1 $500 credit card, 1 $300 credit card, and 1 $800 fingerhut account. I have 1 late payment a year ago from fingerhut so my own time payment is sitting at 95.7%. Would it be worth closing the fingerhut account to have 100% on time payments, but loosing the $800 line of credit?

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No. Your credit score will decrease because your credit availability will decrease. The late charge won't be visible after 7 years. The negative effect lessens over time. Work on increasing your credit availability on your credit cards. Always pay them off at the end of the billing period, and charge no more than 10% at a time.

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Closing the account will not remove the late payment and would only cause further damage to your credit since you only have a few accounts. PLEASE do some reading on these things, NEVER take any action until you have done extensive reading on the subject.

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Thanks everyone, I did some reading to further my education but I wanted to ask and be 100% clear. Thanks for your help!

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