Credit Restoration – Closing Open Accounts

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Credit Restoration – When And How To Close An Open Account

 

The following article comes from When To Close An Account. So you get angry at the bank, and decide that you will show them, and close your credit card account. Just be aware that closing accounts can have a negative impact on your credit score. Part of your score is calculated by the credit history. That means how long you have had credit. When you close any credit card account, this can reduce your positive credit history, and effect, or lower your score. While I am no fan of being held captive to the credit bureaus, their are things to consider, before you just close the account.

1- If you have multiple cards, at the same bank, first see if you can combine the balances into one card. This will preserve your credit limit, and can actually raise your credit score.

If you are the victim of Identity Theft, then ask the bank if they will issue a new card, preserving your credit limit, and credit history.

In the case of Divorce, you definately want to sever any joint accounts. This will prevent any future damage that can be caused by a former spouse, regardless of what any Divorce documents say.

Just remember, use common sense, do not rush, and make sure you understand the potential ramifications of your actions.

For Credit Restoration Help, or help raising your credit score, call 888-586-2661, or visit the previous link.

Written By:
Steven Ciantro
Certified Credit Counselor
American Debt Enders
help@americandebtenders.com
877-766-2465

 

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