Money Management

Warning: Closing a Credit Card Account Could Affect Your Mortgage Rate

By Sandra Block, USA Today

If your favorite restaurant dismissed its longtime chef, hired surly waiters, and raised its prices, you would probably stop eating there. That's the beauty of the free-market system: Dissatisfied customers can vote with their feet.

But many consumers who have been treated badly by their credit card companies feel they don't have that option. That's because closing a credit card account, while emotionally satisfying, could hurt your credit score. That, in turn, could raise the cost of getting a mortgage, car loan or even a new credit card.

Read the entire article.

Print Date: 9/25/2020
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