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Closing Credit Card with NO Damage on Your Credit Score

Are you planning to close one of your credit cards? Find out here how to do that without damaging your credit score. For more information read <br>http://www.newhorizon.org/credit-info/how-to-close-old-credit-cards-without-damaging-your-credit-score/<br><br>Looking for credit card for bad credit? http://www.newhorizon.org/Info/unsecured.htm<br>

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Closing Credit Card with NO Damage on Your Credit Score

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  1. Closing Credit Card with NO Damage on Your Credit Score by: www.newhorizon.org

  2. Paying on your credit card accounts as well as maintaining a good credit score frequently results in a borrowing limit increase and other credit card offers. There is nothing bad with having credit card accounts, provided that you use these accounts sensibly. What’s more, bad credit cards have assisted lots of people re-establish their credit and build strong scores - but what if you’re prepared to lower your number of credit cards? • Closing credit card accounts that you no more use may seem smart, especially if you’re trying to simplify your finances. Nevertheless, there is a improper and a proper way to close down your accounts. Credit ratings depend on several factors, such as the duration of your credit history. The longer time you’ve had a credit card (or any type of credit) in your name, the higher your personal FICO credit score.

  3. Get Rid of the Newest Card To Lessen Credit Damage • Closing or eliminating an old card will result in some credit harm, however, you can reduce the damage by retaining your oldest account open and closing your newer accounts. • Shutting the oldest account can help reduce your credit history, but if you were to save this account open and cancel another account, the duration of your credit history stays the same. Thus, helping keep your credit score undamaged.

  4. Lowest Credit Limit • It also helps to close the account with the lowest credit limit. The wider the gap between your balance and your credit limit, the better. • Accounts with low limits ($300 to $500) increase the risks of having a high utilization ratio, which can damage your credit score. • However, if you have a credit card with a higher $1,000 credit limit and you maintain a balance of $200, your utilization ratio is less than 30 percent, which helps improve your score.

  5. FOR MORE INFORMATION READ http://www.newhorizon.org/credit-info/how-to-close-old-credit-cards-without-damaging-your-credit-score/ LOOKING FOR CREDIT CARDS FOR BAD CREDIT? http://www.newhorizon.org/Info/creditbuilders.htm

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