I heard it hurts your credit score to close accounts. What about Identity theft?
Smothers65 asked:
I read in many places that it hurts your credit score to close accounts for many reasons. If you just leave them open and shred the cards, aren’t you setting yourself up for identity theft?
I read in many places that it hurts your credit score to close accounts for many reasons. If you just leave them open and shred the cards, aren’t you setting yourself up for identity theft?
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There are some instances where closing account helps you and others that hurts your credit, type of credit, ratio of debt to available balance, age of account, all of this come into play, it is not a simple answer, but you can go to and click on Ultra Score for more information, there is a lot of information that would be helpful in answering your specific concerns.
yes it lowers your score because you are losing that history; if there is identity theft then you can always request your credit file to be froze.
that means nobody (including YOU) can’t request/apply for credit in your name…..if and when you do need to apply for credit then you will have to call and have them remove it
Yes, you are. More people should think about. Plus with them open, it’s an opportunity to go back into debt. People should stop worshiping at the fico alter.