Will Closing Old Credit Card Accounts Decrease Your CIBIL Score?
Many of us believe that closing a credit card we no longer use is a sign of financial discipline. You might think, "I don't need the temptation," or "Why pay an annual fee for a card I don't swipe?" However, in the world of credit scoring, older is almost always better. Closing an old credit card account can—and often does—decrease your CIBIL score. If you are planning to apply for a home loan or a car loan soon, this is a move you need to think about twice.
Want to read more?
Subscribe to myexcellentscore.com to keep reading this exclusive post.
