Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
gramdelx7

0 Contributions
0 People Helped
What happens if I close accounts that I no longer use

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7816 Contributions
1497 People Helped

Usually when you close accounts your credit scores will be dinged, but it really depends on the rest of your overall credit profile. If you have a bunch of accounts, closing one or two may not hurt, if you only have a few accounts then closing accounts may hurt you. I suggest that you do some reading on this before proceeding with anything. Also do some reading on "average age of accounts" as closing accounts can affect this too with the scores that you get here, however, most FICO scoring models still factors in closed accounts to the "average age of accounts". Whatever you do, if you decide to close accounts, only do one at a time. Wait a month or so in between to see how closing an account will affect your scores. Keep an eye on your FICO scores as well, those are the scores that matter.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.