Once you have acquired a credit card or charge card, you will own it for the rest of your life. As your card ages, it adds more value to your score. If you close it, or the creditor closes it, your score will go down. The reason is that every card makes a contribution to your score. If it closed, for any reason, that contribution will no longer help your score, because it will cease to exist. If you have a negative on that card account, it will disappear within 7 years, your card will be 7 years older, and be more valuable.
Do not ever let anybody try to convince you to close your cards. There are no exceptions to that rule.
The 5 Star Credit Group will be providing you with weekly tips, so that you will have a better idea of how to master your credit.
If you have questions about this tip, or want to know any other information about your credit, please call us at 213-923-9999.
You can also e-mail Chuck at
chuck@5starcredit.com
There is no charge for any of this information.
“We are here to help you improve your credit.”