WHAT’S THE COST FOR CLOSING A REVOLVING CREDIT CARD? @JulieMaccCredit #creditrepair
I have noticed a lot of what I consider bad advice regarding closing credit cards to save an annual fee associated with some credit cards. The FICO scoring model subtracts points every time you open or close a revolving credit account. The longer a revolving account is open; the FICO scoring model rewards you with more points.A revolving account is considered an account with a pre-approved credit limit determined by the credit grantor that a consumer makes payments on the balance of the credit used during the month.An installment account is typically a mortgage, student loan or auto loan that typically ( unless the payment is deferred) is paid on a fixed payment monthly until paid in full and closed.It takes about six months to accumulate a payment history on any…
