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pcjr1959

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I paid the balance on two high interest rate credit cards and closed them,my score dropped? WHY?
I've paid off all my credit cards,closed two with a high interest rate and obtained a new bank credit card with a lower interest rate,my credit score has dropped even though my debts have decreased and income increased.I'm confused

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Shouldn't have closed them

Helpful to 3 out of 3 people

When you closed the accounts it drops your score because now there is less of your credit to report.  If you close an account, especially when you have had it for a year or more it shortens your credit history.  It is better to leave them open and just not  use the credit cards because then it would show that you have more open credit lines in good standing. 

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