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I am trying to improve my credit score to 720 or above. Currently, it is between 650 and 684 with the three agencies. I have $7k on a 0% credit card that will be paid off in February. I also have two store credit cards with zero balances. I have only had them for a short time. My question is, how impact on my score will paying off the 0% card and/or cancelling the store cards have? I have mortgage loans, car loans, and other older credit cards. All payments are current. I want to refinance house to take advantage of low rates.
Improving credit score
Hi mikecpa,
Welcome to this community :)
Paying off the 0% credit card will improve your score. Try to keep the balance low on all other credit accounts.
As for the cancellation of the store cards, if these have a good credit history it is better not to close these down immediately. This can hurt your credit score.
Thanks,
Aaron
paying off the card will improve your debt to available credit ratio. This is a factor that is added into your score.
are there any negatives on your reports?
improving credit score
mikecpa, I don't now how many credit cards you have. If you have only one or two, I think you can try getting another. Don't directly go and apply just like that. First check out if you qualify for cards offering low rates. If it's not possible to get a new unsecured card, get a secured one. This will help you to improve your score.
Thanks,
Aaron