Closing credit card accounts will increase your credit score.

Question

Quizplus · Accepted Answer

Closing credit card accounts can actually lower your credit score in certain situations. When you close an account, your credit utilization ratio may increase, which can negatively impact your score. Additionally, closing an older account can decrease the length of your credit history, which can also lower your score. It's generally recommended to keep credit accounts open, especially if they have a positive payment history and low balances.

Closing Credit Card Accounts Will Increase Your Credit Score