Credit Scores Q&A
Q: I recently reviewed my credit report and saw that I have many open credit card accounts that I no longer use. Will closing them impact my score?
A: Closing your old credit card accounts can impact your credit score-but not in the way you might think. Canceling old credit accounts can actually lower your credit score. When you close accounts, you make your credit history appear shorter. And a short credit history can negatively affect your score because lenders like to see an established pattern of responsible credit use on your report.
So if you want to close some accounts, be sure to close your newer accounts. Keep the ones you opened years ago on your credit report.
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