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Credit Card

I recently had 5 cards closed by creditors.  Can anyone tell if if paying down the current balances on CLOSED accoounts improves score

GiGi
Message 1 of 4
3 REPLIES
Valued Contributor

Re: Credit Card

As long as there is a balance it will count against your utility.  So paying them down will lower your utility and therefor improve your scores.

Message 2 of 4
Moderator Emeritus

Re: Credit Card

Hi, and welcome to the forums.

 

Yes, I know this from personal experience. If the credit card company continues to report your CL, then the balance you have with the card, even closed, will affect your utilization. This thread explains the effects of closing cards, and it doesn't matter if they were closed by you or the credit grantor:


http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

 

As you pay those accounts down, you should expect to see an increase in scores. Best wishes.

 


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Message 3 of 4
Mega Contributor

Re: Credit Card


juicy1 wrote:

I recently had 5 cards closed by creditors.  Can anyone tell if if paying down the current balances on CLOSED accoounts improves score


Welcome to the forums!!

 

Why did they close them?

 

Yes, paying down the balances if included in your overall util. will improve your scores.




EQ FICO 548 3/3/16
Message 4 of 4