Re: How to Raise Your Credit Score
Level 14
Level 14

Credit score


@tagteam wrote:

@ncalb55 wrote:

Don’t ever close a credit card account. It will have a negative effect on your score. 


I agree. The two main reasons to close a credit card account are (a) if the card has an annual fee, and (b) if the cardholder has an impulse control issue.


I can think of one other reason to close a credit card account.  That would be to avoid additional "damage" in the event of identity theft.  In my opinion, the fewer credit accounts one has, the less clean-up would be required if identity theft did occur. 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
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