Closing Credit Card Accounts

     Perhaps you have some old department store credit cards somewhere in the back of your wallet or purse. The ones that if you sign up for one of their cards you get a discount on your first purchase or a little gift of some kind. So you sign up, use it once, get your gift or discount then neglect it. Or perhaps you actually use it occasionally. It is a common belief that if you simply go and close some of your old credit cards accounts that this will raise your credit score. This is false. Your credit score does not depend on how many accounts you have but rather unpaid debts that you have with them.
     So do you think you should still go and close them? Well it depends on what situation you are in. It may just help clean up papers you have and the temptation to use the card. But the real goal is to try to gain more credit that is available to you that used credit. This will help your credit situation out. Don't be concerned with the number of accounts you may have. Also don't be afraid to necessarily add more credit accounts if you desire as long as you are not going to max them out. But do be cautious for some, the temptation to run them up could be there. Remember the number of accounts you have is not the problem, it is the debt you retain with them.
 
 
 
 
 
 
Bookmark
Save thousands of dollars on interest rates
Reduce overall debt and high interest rates
Put an end to creditor harassment
Rebuild your financial Future
Cut payments by up to 60%
Avoid bankruptcy
Quick approval
Strictly confidential
Debt10.com
Financially Stressed?
Needing Help in Consolidating your Debts?

Home           Contact
© 2011 Debt10.com
Disclaimer: This site provides general guidance and information. It is not intended as, nor should it be taken  to be, legal, financial or other professional advice for your situation. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
      Debt Consolidation
      Debt Consolidation Part 2
      Consolidation vs Loan
      Identifying Debt Problems
      Consolidation Benefits

      Debt Settlement
      Credit Counseling
      Consolidated Loan
      Title Loan

      Loan Consolidation
      Loan Deferment
      Loan Forbearance

      Finding the Source
      Tracking Money
      Income Sources
      Expenses
      Who You Owe
      Make a Budget

      Mental Model
      Report Errors
      Debt Legal Rights
      Stick to Budget

      Debt Free Tips
      50 Ways to Save
      Money Management
      Paying for College
      401k Plans

      FAQ
      Directory Resources
      Articles
      Debt Calculators
      Refinance Your Mortgage
      Credit Report Series