Will closing credit cards help credit repair?

Usually not. Generally, it will hurt your credit. But it does depend on your overall reports. In fact, closing too many credit cards at once could lead to a drop in your credit score.

Basically, if you close an old card that hasn't been used in months, that's a good thing. The longer you go without using an account, the more the length of your credit history will suffer—and that's a big factor in determining your score. You should also try to keep accounts open if they have a low balance and are paid off every month. If you're keeping up with payments on time and not carrying a balance, that's great for your score as well. But what about if you close an account with a high balance? You'll do better by paying down the debt than by canceling the card.

Closing an account can hurt if you're looking to build good credit or if it will put too much strain on your other lines of credit—that is, maxing out new cards or running out of room on others could detract from your efforts to increase your score by using credit responsibly. It could even lead to the denial of future loans or mortgages. Ultimately, you should contact a lawyer that focuses on the credit industry like the one below - that should help you with a free consultation:

Ascent Law LLC

8833 S Redwood Rd Ste C

West Jordan UT 84088

(801) 676-5506

https://g.page/AscentLaw

https://www.ascentlawfirm.com/credit-repair/

 

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