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I closed 10 accounts (I paid them off, too) and my score has jumped 43 points in 45 days!<br><br>
I just wanted to point out that, depending on your circumstances, closing accounts can increase your score. So many people are advised against doing this. I was told not to, but I know myself and I knew that if I left the accounts open I would leave myself open to the probability of going into debt <i>again</i>. I did what was right for me, personally, regardless of the credit impact.<br><br>
I just want people to know that every situation is different, and making blanket statements about credit scores and the impact of credit decisions is not necessarily in the best interest of the person involved.<br><br><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/orngbiggrin.gif" style="border:0px solid;" title="orange big grin"><br>
alison
 

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<b>Thanks for pointing this out.</b> There are a lot of myths around this issue. A consumer closed account can help your score and hurts far less than a lender closed account. Also, MOST of your score is your balances and payment history. Closing an unused account is not going to typically make a huge impact to your score unless their are other issues at play. Also, I don't think that anyone getting out of debt, unless they need to shortly get a mortgage, should be aiming to maximize their score. Unless you are planning to borrow in the near term, it is almost irrelevant.
 

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<div>Originally Posted by <strong>daekini</strong> <a href="/community/forum/post/7960093"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">Oh my gosh! I just checked my score again - it's actually gone up <b>56 points!</b></div>
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How do you do that?
 

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Discussion Starter #5
I paid for the service at freecreditreport.com because we're in the process of buying a home. You can do a free trial, though, and call or email to cancel before the 30 days is over.
 

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<div>Originally Posted by <strong>daekini</strong> <a href="/community/forum/post/7960063"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">I closed 10 accounts (I paid them off, too) and my score has jumped 43 points in 45 days!<br><br>
I just wanted to point out that, depending on your circumstances, closing accounts can increase your score. So many people are advised against doing this. I was told not to, but I know myself and I knew that if I left the accounts open I would leave myself open to the probability of going into debt <i>again</i>. I did what was right for me, personally, regardless of the credit impact.<br><br>
I just want people to know that every situation is different, and making blanket statements about credit scores and the impact of credit decisions is not necessarily in the best interest of the person involved.<br><br><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/orngbiggrin.gif" style="border:0px solid;" title="orange big grin"><br>
alison</div>
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<br><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/clap.gif" style="border:0px solid;" title="clap"><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/clap.gif" style="border:0px solid;" title="clap"><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/clap.gif" style="border:0px solid;" title="clap"><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/clap.gif" style="border:0px solid;" title="clap"><img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/clap.gif" style="border:0px solid;" title="clap">
 

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<div>Originally Posted by <strong>daekini</strong> <a href="/community/forum/post/7960354"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">I paid for the service at freecreditreport.com because we're in the process of buying a home. You can do a free trial, though, and call or email to cancel before the 30 days is over.</div>
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Washington Mutual is offering a credit card right now that offers some credit monitoring and monthly access to your credit score.<br><br>
It isn't recommended that you alter your credit at all in the year prior to buying a home/car unless particular actions are suggested by your lender; otherwise close away.
 

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Discussion Starter #8
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<div>Originally Posted by <strong>i'mmykid'$mom</strong> <a href="/community/forum/post/7960770"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">It isn't recommended that you alter your credit at all in the year prior to buying a home/car unless particular actions are suggested by your lender; otherwise close away.</div>
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Um, well... altering my credit has made it possible for me to buy a home. Had I not taken those steps, I wouldn't have been qualified for the 5.625%, 30-yr fixed rate mortgage we're obtaining.
 

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<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/irked.gif" style="border:0px solid;" title="irked">:<br><br>
And please don't take offense, I think it's great that people can come here for advice.<br><br><b>But that statement is exactly what I was talking about!</b><br><br>
What if I listened to that advice and said to myself, "hmmm, I'm $40K in debt, but I sure would like to buy a house this year. I reckon I'll just keep paying the interest on that debt because I sure don't want to go against that advice that I shouldn't do anything to change up my credit situation..."<br><br><br>
????<br><br>
Editing to add:<br>
There is such a wealth of information here, but it's so hard for people to navigate through the advice because some of it is really non-specific and maybe irrelevant to many people. It might not be a bad idea for people to curb their instinct to tell people what to do unless people are asking a specific question and give details relating to that specific situation. I know my opinion counts for squat, but it's been buggin me lately.
 

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Daekini... I know that these blanket statements upset you. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/winky.gif" style="border:0px solid;" title="Wink"> But it's like anything else here at MDC. For example, a parent might ask, "Hey my kid is doing such and such. What is going on?" And s/he might get the advice, "Oh that's just a part of the stage of being 4." only to find out that there is actually something developmentally going on or something physical, etc. with their child and it has nothing to do with the age.<br><br>
In a place like this, everyone should just take it as "This is what this poster knows from past experience or previous knowledge" and know it can't apply to your situation perfectly. Sometimes it does. Sometimes, it's way off base. Sometimes it really is just pure fact, especially with finances. I hope you continue to find some wisdom here. Even from old fogeys, like myself. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/winky.gif" style="border:0px solid;" title="Wink"> I'd hate to see you be so frustrated here at F&F. I know you have wisdom to impart, too. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/hug.gif" style="border:0px solid;" title="hug">
 

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<div>Originally Posted by <strong>daekini</strong> <a href="/community/forum/post/7960918"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">It might not be a bad idea for people to curb their instinct to tell people what to do unless people are asking a specific question and give details relating to that specific situation. I know my opinion counts for squat, but it's been buggin me lately.</div>
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It is hard to weed things out. Sometimes it seems that people ask for approval of their ideas and then are upset when those ideas are not reinforced. Let me be clear that I don't think that is the situation on this thread or with you but part of that seems to be included in several posts in the last few days along the lines of "don't give me advice". It is sort of a de facto reader beware in terms of applying advice or even just believing what someone writes anonymously on a board. But I have also noticed people being snarled at for offering honest, sound and even solicited information simply when it was not what the OP wanted to hear.
 

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<div>Originally Posted by <strong>daekini</strong> <a href="/community/forum/post/7960354"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">I paid for the service at freecreditreport.com because we're in the process of buying a home. You can do a free trial, though, and call or email to cancel before the 30 days is over.</div>
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Thank you!
 

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<div>Originally Posted by <strong>daekini</strong> <a href="/community/forum/post/7960819"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">Um, well... altering my credit has made it possible for me to buy a home. Had I not taken those steps, I wouldn't have been qualified for the 5.625%, 30-yr fixed rate mortgage we're obtaining.</div>
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I did say:<br><div style="margin:20px;margin-top:5px;">
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unless particular actions are suggested by your lender</b></td>
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Your situation was the kind I am talking about. You should consult with the people from whom you wish to borrow money before messing with your credit. My SIL and I were buying a house at the same time. Our lender said I had to pay my truck down to $10,000 but don't change <b>anything</b> else until I close on the house including adding or closing credit cards. The same lender told SIL that they had to close/pay down certain debts before they could get the loan including closing at least one cc. When you plan on taking out a large loan you don't want to do a bunch of things you <i>think</i> will improve your credit, or buy a new car, or open a few credit cards, <i>then</i> shop lenders. The 12mo "rule" is floating around because lenders appear to pay close attention to the previous 12mo; I know <i>my</i> lender did.<br><br>
These boards and threads are open to anyone and anyone can give advice whether asked or not. If it is not useful or relevant or wanted then ignore it, it may be useful to someone else. If, daekini, you are basing your financial decisions solely based on this board, well, I wouldn't advise it <img alt="" class="inlineimg" src="/img/vbsmilies/smilies/duck.gif" style="border:0px solid;" title="Duck">: <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"> .
 

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I spoke with a lender the other day and she said credit monitoring messed up two people's credit that she knew of because the company was constantly pulling their credit and checking it and it kept their scores low...which impacted what they could and couldn't borrow...nevermind they were always on time with payments, etc.<br><br>
And another lender I talked to said they'd prefer us to not do something like take out another loan/cc or something such while going through the mortgage process, etc...<br><br>
These are suggestions I've gotten....I know it all varies with each person's situation...
 

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daekini - Thats awesome!!!! Im so glad you were able to get your score up to get a good rate! Congrats on buying a house!<br><br>
There only thing our lender told us (We had a preapproval that was good for 4 months to find a house) was not to BUY anything new before we closed.
 

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Discussion Starter #16
How many times has someone posted something positive, only to have tons of people point out the negatives when they weren't asking for any advice AT ALL?????? True, some people do tend to ask for advice, only to get upset when people tell them what they don't want to hear. But I'd wager there are just as many posts where people just want to share their joy, only to have people shoot them down.<br><br>
Did I ask for advice here? No, but I did this knowing that without a doubt people would post their unsolicited advice. I just wanted to prove a point.<br><br>
And with regard to credit monitoring - use one of the companies, like Experian (freecreditreport.com). Monitoring your own credit won't bring your score down.
 

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Well... The title of the post is: What's all this about your credit score going down when you close accounts? I read that as a question.<br><br>
Obviously, in your case, closing the accounts was the best thing to do. Since you had several of them, it was lowering your score.<br><br>
Someone with only a small line of credit and one credit card would probably be better served by leaving them open.
 

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Discussion Starter #18
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<div>Originally Posted by <strong>Malva</strong> <a href="/community/forum/post/7968248"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">Well... The title of the post is: What's all this about your credit score going down when you close accounts? I read that as a question.</div>
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Then you should have read my post. People are so ready to show off their knowledge (questionably obtained in many cases) that they don't bother to discover the point of the thread.
 

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<div>Originally Posted by <strong>daekini</strong> <a href="/community/forum/post/7960354"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">I paid for the service at freecreditreport.com because we're in the process of buying a home. You can do a free trial, though, and call or email to cancel before the 30 days is over.</div>
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<br>
If you look around at the GPT sites, you can find one that will pay YOU to try out thier service for 30 days or so....
 

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I also wanted to comment about freecreditreport.com. I have read over at creditboards.com that pulling your report from there gives companies longer (45 days) to reply to a disputed item than a "paid" credit report (they have 30 days with that one). So if you are planning to dispute an item, you would want to purchase a copy of your report rather than get it at freecreditreport.com.<br><br>
I will put in a plug for <a href="http://www.creditboards.com" target="_blank">www.creditboards.com</a> again. They have been absolutely invaluable to our family!
 
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