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I have a question.... I opened a new credit card about 4 months ago, which made my "recently opened accounts" score "not good." Will paying off and cancelling that card raise that portion of the score, or would its effect remain? It had been years since I last opened an account. I'm asking because the % of debt I have is "very bad," which has caused a low FICO score is preventing me from refinancing a 2nd home I have to pay off much of my revolving debt.
Thanks in advance for any help.
Its effect will remain. It should stay for 10 years after closing. I'd continue to knock out those revolving balances, and I'd work from highest interest to lowest interest to help you save some cash in the process.