Will "Account Closed by Creditor" Hurt Your Credit Score?

Due to some old debts on the credit report, I closed the account and this is hurting the credit score. Any tips and suggestions are welcome!

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3 Answers

Hello Friend!

There is no way to fix your credit score quickly. But certainly, you can adopt some strategies.

One is, you can repay your credit card bill and other utility bills paid on time.

Second is, apply for a new credit card account when there is actually any need from your side.

For now, apply these 2 strategies.

And the third option is to repay whatever is due on your old debt.

You can remain purely tension-free.

As you have closed the account, so you have lost the payment history. This is probably why your credit score dropped. Try to add positive payment history on your credit report. It will help to boost your score.

It usually doesn't hurt your credit score. This is not considered while calcuting your credit score. However, it can affect your credit utilization ratio as your credit limit gets reduced. Thus, it can reduce your credit score a bit.

Mabelle Page

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