7 Credit Misconceptions and Myths Debunked


For one, closing the account won’t erase it from your credit history. Any marks that you had on that account will still show up for 7 to 10 years, even if the card is closed. And if you don’t pay off all your debt before you close your accounts, then your credit utilization ratio will be super high and your credit will drop and lenders will consider you a risk. Bad news.