This is one of the most frustrating situations for many people, especially if you’re in the process of a mortgage loan application. You would think that paying off your biggest debt and closing your account would be a good thing – and it is. However, since credit history is a factor that contributes to your credit score calculation, closing your account could reflect poorly on your credit profile. Depending on your situation, the account you closed could have been your oldest credit account with the highest credit limit, two major factors in calculating your score.
Make sure you seek the right guidance when deciding on what accounts to pay and what accounts to close.
It was interesting. You seem very knowledgeable in your field.
Thank you very much for taking the time to comment. I’m starting to receive more of them, so I will check more frequently to respond in a timely manner. Take care.
Thank you very much for taking the time to comment. I’m starting to receive more of them, so I will check more frequently to respond in a timely manner. Take care.