@glaucus wrote:
I have several closed credit card accounts. I was always under the impression that paying them off (I mean when they got paid off) would lower my score because even though they were not useable, they still counted positively toward the amount of credit available. Is this true? Am I better off paying them off quickly or just paying the minimums? Thank you all!
@glaucus wrote:
I have several closed credit card accounts. I was always under the impression that paying them off (I mean when they got paid off) would lower my score because even though they were not useable, they still counted positively toward the amount of credit available. Is this true? Am I better off paying them off quickly or just paying the minimums? Thank you all!
A closed account is counted in the average age of accounts for about 10 years, which is where is can have a positive impact. Closing an account removes that account from the available credit limit, so I wouldn't see any positive there.
You should always try to avoid paying interest, so if you have the funds, pay them off rather than paying the minimum
