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Common Questions

The most frequently asked questions regarding your credit.

Will cancelling my credit cards that I rarely use raise my credit score?

Most likely not. It is likely that, if you have a credit line open that you do not regularly use, this credit line is probably been open for quite a while. This fact helps your score, presuming the payment and account balance history are favorable, because the longer an account is open, the more favorable to your score. Additionally, your credit score is partly based upon the difference between how much credit you have available to you and how much credit you are currently using. If you close a line of credit, you then reduce the amount of available credit at your disposal. This reduces the ratio of available credit to used credit and will likely lower your score. So, closing an old account could hurt you on two fronts, the benefit of an aged account and the reduction of the difference between your total available credit and that which is being used. That being said, often charge accounts can have hidden fees associated with the account. If you are not careful, these fees could add up and be characterized as an unpaid debt.

Contact the Credit Repair Attorneys at Smith & Garg today to get started!