FREE Consultation Call
This seems like a contradiction, but it really is not. Many people think that to improve their credit score, they just have to pay off some debts and close their accounts. This is not exactly accurate. There are several reasons to think carefully before closing your accounts.
First, if you close an account you need (for example, if you close all your credit card accounts) then you will have to reapply for credit, and all those inquiries from lenders will cause your credit score to actually drop.
Secondly, most credit bureaus give high favorable points to those who have a good long-term credit history. That means that closing the credit card account you have had since college may actually hurt you in the long run. If you have credit accounts that you don’t use or if you have too many credit lines, then by all means pay off some and close them. Doing so may help your credit score – but only if you don’t close long-term accounts you need. In general, close the most recent accounts first and only when you are sure you will not need that credit in the near future. Closing your accounts is a bad idea if:
1) You will be applying for a loan soon. The closing of your accounts will make your credit score drop in the short term and will not allow you to qualify for good loan rates.
2) Closing your accounts will make your overall debt balance too high. If you owe $10 000 now and closing some accounts would leave you with only $1000 of possible credit, you are close to maxing out your credit – which gives you a bad credit rating.
In the short term, closing accounts will lower your credit score, but in the long run it can be beneficial.
Learn how to increase your credit score while you are renting to own a house. You can rent to own any house in Ontario, Canada. You only need a low down payment, a stable income & less than perfect credit is okay.
How to Rent to Own your next home?
The first step is to request an INITIAL CONSULTATION to find out if you qualify. Then, the next step is to complete the online application after the consultation. This will start your qualifying process. Before you know it, you will be renting to own your next home.
Rent to Own your next home. Call the 24hr recorded message system or register on our website & watch the video to find out more about the program & how it can help you. In 60-90 seconds we will tell you everything you need to know.
PLUS – FREE – How to fix your credit e-book included! This program helps!
To learn more about selling your house, click to call us now: 
