If you are closely monitoring your credit, one item to watch is the amount of available credit you have, as well as the number of open credit accounts. A copy of your credit report can tell you where you stand.
Significance
Having too many open accounts may hurt your credit score, as it indicates the possibility that you might take on much more debt than you're currently carrying. If you're in this situation, you should avoid opening any new credit accounts.
Considerations
It is not a good idea to start closing open credit accounts. This reduces the ratio of credit used to the amount of total credit available, which can hurt your credit score. Shutting old, unused accounts can also hurt your score, as this makes your credit history appear to be shorter.
Prevention/Solution
If you are concerned about raising your credit score, the best way to accomplish this is to continue to pay down your balances. This demonstrates your ability to handle credit and reduces your amount of debt.
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