MoneyWise | July 11, 2019

Close an Account, Ding Your Credit Score

Show Notes

You’ve finally paid off that high interest credit card balance. It’s a time of great rejoicing! You’ve improved your financial condition considerably. Then why are you being punished with a drop in your credit score? We’ve always suspected it, but now the truth comes out: Paying off a credit card and closing out the account can actually lower your credit score by several points. Today on MoneyWise Rob West and Steve Moore have the whys and wherefores. 

Next, they answer your questions at (800) 525-7000 and questions@moneywise.org about the following:

  • If you've heard that retiring at 67 vs. 63 causes your Social Security to be much greater, is this accurate?
  • If you have a retirement account that needs to be rolled over, should you look into a traditional IRA or a Roth?
  • Should you consider looking into AFLAC for supplemental insurance?
  • If you became a widow after your you and your husband retired, what common pitfalls should you look out for?
  • Should you put more money toward your main mortgage since you're paying interest on the main one?

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