Credit Score Myth 8 spreads from New Jersey to Minnesota #Myth8
On Minnesota newspaper website, Lendedu writer falsely claims closing accounts removes them from credit report.
| By Greg Fisher
This false information is an item in a listicle published in Minnesota:
1.4. You Cancel Old Accounts
You might have a great credit score now, but that might not be the case if you cancel too many of your old credit card accounts. The longer you've had a credit account in good standing, the more it boosts your credit score. But if you decide to cancel a credit account – even if it’s because you’re not currently using it – that could negatively impact your score since that account will disappear from your credit report [#myth8]. It’s critical that you keep all of your oldest accounts if you want to maintain your great score.
That is false because an account's history does not disappear. If it were that simple, you could just eliminate all the delinquency in your credit history by eliminating the accounts.
See Credit Score Myth 8.
The article's author is identified as Edward Wing, a staff writer for LendEDU, "a River Valley Media Group content partner," according to the publisher. The editor of the Winona Daily News, the news organization whose website contains the article, is Brian Voerding. The Daily News is owned by Lee Enterprises.
The top person of Lendedu is Nate Matherson, CEO of Shop Tutors, Inc.
Follow the activity of Item #1612aa using that hashtag.
