Could Closing Old Accounts Hurt Your Credit Score? | Homespire Mortgage

Did you know that closing old accounts can actually harm your credit score?
Here’s why:
📉 Closing accounts shortens your credit history, impacting your score.
💳 It can also increase your credit utilization ratio, signaling reliance on credit.
Keep those old accounts open for a healthier credit score!
Want to see if your credit is in homebuying shape? Homespire can help.
#homebuying #homespire #homespiremortgage #debt #credit #creditutilization #creditscore #creditlimit #mortgagebff #knowbeforeyouowe #realestate #mortgage #mortgageprocess #realtor #loanofficer #lender #mortgagelender
Be sure to subscribe 👆 to our channel and click the notification bell 🔔 so you don't miss out on future mortgage wisdom 🧠🏠
Ready to stop paying you landlord's mortgage and start investing in your own? Our Personal Loan Consultants are available around the clock to answer your questions. Visit www.homespiremortgage.com/loa... to find an LO near you.
FOLLOW US:
→ SUBSCRIBE: / @homespiremortgage
→ INSTAGRAM: / homespiremortgage
→ FACEBOOK: / homespiremortgage
→ TikTok: / homespiremortgage
→ PINTEREST: / homespiremortgagecorp
HomespireGO® lets you apply for a mortgage in as little as 10 minutes from the comfort of your couch, easily upload your documents, and get real-time loan progress updates. It's a mortgage experience you'll love. Download the app for Apple and Android. Visit www.homespiremortgage.com/hom... to learn more.
Homespire Mortgage Corporation. Equal Housing Lender. All Rights Reserved. NMLS ID # 183215.
Corporate Office: 9711 Washingtonian Blvd., Suite 500, Gaithersburg, MD 20878. 1-800-531-5395 This is not an offer for a loan or any type of extension. Eligibility for a loan or extension of credit from Homespire Mortgage Corporation is subject to completion of a loan application, credit, income, and employment qualification, and meeting established underwriting criteria. Rates are subject to change without notice based on market conditions. See Loan Consultant for information on program income limits, buyer contribution, area median income, debt requirements, and other application details.