How Does Closing My Visa Card Affect My Credit Score?
How Does Closing My Visa Card Affect My Credit Score?
Visa is a popular choice among consumers wishing to transfer funds electronically. This multinational corporation is housed in the United States. Owning and using a Visa credit card is a great way to achieve a high credit score. This is also one of the best ways to encourage lenders to issue credit to you.
You may need to close your Visa credit card for a number of reasons. You should be aware of how this will affect your credit score. If you have any questions about closing your Visa credit card account and the effect that it will have on your credit score, contact Visa.
How Closing Your Visa Card Affects Your Credit Score
Being aware of how your credit score affects your overall financial status can help you with your decision about closing your Visa credit card. Your credit score will potentially be affected negatively when you close your Visa credit card.
- When you close your Visa credit card account, you'll also be reducing the average age of all your accounts associated with all your credit cards.
- Having a low utilization rate makes it possible for you to have a better FICO score. When you close your Visa account, you cause the overall amount of credit available to you to fall. This is important because it means you are causing your credit utilization to rise which will affect your FICO score. This may shorten your credit history.
- Consumers need to have reliable credit. There will most likely come a time when you need a loan approved or wish to open a new credit card account. Before doing so, lenders will want to confirm that you have a long credit history. Since closing your Visa credit card account can affect this negatively, it's important to consider this before you finalize your decision to close your account.
If you have any questions about closing your Visa card account, reach out to Visa.
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