Sentences with phrase «reducing length of credit»

How a balance transfer can negatively impact your credit score — A balance transfer card can temporarily impact your credit by increasing utilization, reducing length of credit history and adding a new account to your report.

Don't close older accounts because that can reduce the length of your credit history - and drop your score.

Not exact matches

Furthermore, older accounts — though you may no longer need them — add to the length of your credit history, so you should think twice before closing them in attempt to reduce your available credit.

Closing an old account also reduces the average length of your credit history, another variable that factors into your score.

Also, if a cancelled account happens to be the account holder's oldest account, closing this account can eventually reduce the length of the account holder's credit history, resulting in a lower credit score.

Moreover, you may transfer your balances to credit cards with lower interest or make a few additional payments to reduce interest rate and the length of the loan.

Don't worry about the old myth that closing an account will hurt your score by reducing the average length of your credit history.