Wise-Wallet

Question 20

Closing old credit accounts may lower your average account age and reduce available credit, which can raise utilization and sometimes lower your score, so the decision should be deliberate.

Closing a long-standing paid credit card will always improve your credit score.

Did You Also Know...

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Retirement accounts commonly impose early-withdrawal penalties to discourage using tax-advantaged savings before retirement.

Yes — it always improves your score.Only if you close all your cards at once.No — it can lower average account age and raise utilization, hurting score.Only if the card has a zero balance.