Credit Cards Center Credit cards from our partners
New Member
Posts: 3
Registered: ‎03-09-2007

Closing Accounts

Does it help or hinder the FICO score by closing one of two accounts if you have, say, 10 open accounts, all with balances, but all with less than 25% balance-to-credit-limit ratios.
I've been told (by creditors) both answers - one says it would increase FICO to close a couple of those accounts, another says it hurts my credit score to close any account which has good reporting.  Any thoughts?
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007

It depends.  Are you considering closing one of your olde...

It depends.  Are you considering closing one of your oldest tradelines?  In that cse it may reage your credit history causing negative effects.  Try closing the most recently opened of the two and monitor for any adverse affect.  The utilization question comes in to play.  If utilization is at 10% with the accounts open and will be at 25% after closing it may hurt you score somewhat.  On the other hand if utilization is at 25% with the acounts open and would rise to 30-40% after closing, it could hurt your score alot.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.