Erika RadisOwner at Working Moms of San Antonio

How to Actually Fix Your Credit (Strategies & Discussion)

21 Nov 2024 · 0 min

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0:29

Paying off a credit card or closing an account can actually hurt your score. Lenders see it as less available credit, which raises your credit utilization ratio and makes you look riskier to scoring models.

Then I've noticed when I have paid things all the way off, sometimes it negatively impacts my credit.
They don't want you using their name or their credit line or holding those, I guess, available funds available if you're not going to use them.
So not only did they close that line of credit, that also threw off your utilization because they want to know the usage. So if you had all this available credit and now it's gone, so now your usage is low, almost like debt-to-income, your DTI, it throws the numbers off.

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