How Does My Credit Score Change
If I Open or Close Credit Accounts?

Don’t Jump to Close Old or Open New Accounts

At first glance, it may seem like a good idea to close old credit accounts or open a host of new ones. But it’s not.

MORE ACCOUNTS CAN HURT, NOT HELP

Financial experts agree that you should not open multiple new accounts just to show a credit history. If you have had little credit in the past, build your credit history slowly. Open no more than one or two accounts initially.

OLD ACCOUNTS SHOW GOOD CREDIT HISTORY

Don’t close your old accounts. A long credit history has a positive impact on your credit score. Having a large number of accounts in good standing with zero balances is a plus, not a negative.