topic Re: Credit Card in Credit Cards

Credit Card

Anonymous — Mon, 12 Mar 2012 21:32:49 GMT

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

Re: Credit Card

boomhower — Mon, 12 Mar 2012 21:39:09 GMT

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.

Re: Credit Card

Anonymous — Mon, 12 Mar 2012 21:40:05 GMT

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.

Re: Credit Card

LS2982 — Mon, 12 Mar 2012 21:42:14 GMT

@Anonymous 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.