Closing Out Card Accounts After Paying Them Off? You Shouldn't

iStock

Closing Out Card Accounts After Paying Them Off? You Shouldn't

Aug, 1st 2017

Dear Credit Smart, I’m refinancing my house with a cash-out option, meaning that I will be paying off most of my credit cards. The mortgage company wants me to contact each credit card account and tell them that I will be closing my account with them per my refinance. My question is: will closing these accounts hurt my credit score for future purchases, such as a new vehicle? – Tom

Dear Tom,It sounds like your mortgage company is behind the times. While paying off credit cards and closing accounts was the practice in years past, scoring models have changed and the information you received is outdated.


Read More

Join Us. We are waiting for you!

Sign Up Today!

We welcome you to our community where you can gather and share information on debts and issues which may have your life unsettled. Together we thrive!


Logo mobile 4b2fda9e088d7249be95ede0cc3adea2de299a346ba55b450264e0c976b239c5

Join our community Today! IT'S FREE

Our Interactive Knowledge Base Has All The Infomation You Need To Settle Your Debt & Settle Your Life™

SIGN UP NOW!

Join, Resolve & Share!