Why You Shouldn’t Close an Account? – Credit Tip #15
Why You Shouldn’t Close an Account? More than ever our credit scores are linked to the opportunities we get in life. It’s a good idea not to over use credit, but this should stop short of actually closing an account. As much as half of your FICO credit score is tied to something called to your “debt to available credit ratio” which scales the amount of credit you have available against how much you are actually using. This can potentially have a big impact, and lead to denied opportunities. Unless annual fees are high, it is better to keep accounts open, even if you don’t use them much. For additional information feel free to contact our office at 617-265-7900 or schedule a free consultation below.