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