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kris23joshi

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Improve credit score faster
I recently closed one of my oldest credit card, unaware that it affects the credit scores. My credit score has dropped since then and I'm trying to repay often, also keep low utilization. However that hardly seems to be affecting my score (which is still quite lower than before the closing of the cc).

Are there any other ways to keep the credit scores soaring higher until the history of the new credit cards gets built?

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You can simply expect scores to continuously increase.  If you want to see a significant score improvement then you need to start by addressing the biggest factors holding your scores down.  If your revolving utilization is already sufficiently then keeping it low won't yield constant scoring increases.  Above a certain point it takes more time and/or effort to see the improvements.

If you have derogs (collections, charge offs, lates, etc) then you need to look into addressing them as they tend to have a significant impact and hold scores down.  Carefully research on various credit and credit repair related sites before taking action on derogs as it is possible to make matters worse in some cases.

As for score impact due to account closure the main impact from closing a card is the impact to utilization.  Your averge age of accounts (AAoA) is not immediately impacted by account closure.  Closed accounts will continue to show up on your reports for typically 10 years and will continue to age and factor into AAoA.

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When you mentioned looking into derogs, how is it possible to make it worse by attempting to address them? I was wondering if I paid off closed accounts with balances, would it help my credit score? I am very concerned about improving my credit and paying off debts because my interest rates are ridiculous and unfair to me in my opinion.

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