Should You Close Old Credit Accounts? NO! Here Is Why….


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How Will Closing Old Credit Accounts Impact Your Credit Score?

People ask me all the time, “Should I close my old credit accounts?”


  • “It’s just kind of sitting there unused…”
  • “I’m not using it…”
  • “I don’t want it sitting out there…”

The answer is that you have to be very careful.

How do old credit accounts factor in to your credit score?

15% of your overall score (almost 90 points) is your average length of credit history.

The longer your average length of open accounts, the better.

So if you close an account, it doesn’t factor into your average of open accounts.

Therefore, it can lower your score, so be very careful not to close something, especially that’s been open for a long time.

Also, if it’s sitting there inactive, the creditor may close it due to inactivity.

So, keep some sort of activity on it.

How to I keep my old credit accounts active?

Say every six months, if it’s a credit card, get a tank of gas and pay it off.



As Always… In case you haven’t yet, here’s how you get started.

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