3 Closing Old Accounts Helps Boost Your Credit Report This myth s nothing but a common delusion. The truth is that closing old accounts won t affect your credit score, but opening these old accounts will surely hurt your score. Having to many accounts also does damage to your credit score, because your score is usually affected by the difference between the available credit and the credit that s being used. There also have been a few occasions where people cannot easily opt out of their credit monitoring service, even if they wanted to. While an unsatisfied credit monitoring agency client may wish to stop receiving, or reading credit reports, he or she will still be charged the monthly rate. And while some credit monitoring agencies brag about their daily monitoring, the truth is that it s not as real-time as advertised, since many creditors often are late, or incur delays, when reporting new data to the credit bureaus. To restore your credit worthiness, you will need to add new trade lines to your report, as well as take on other forms of credit, like a small appliance loan, so that your credit score will not stagnate. Late, Or Missing Payments Credit scores generally monitor how a person manages his or her current and past credit obligations and payments. You can easily get different quotes from banks and financial institutions, and you can easily compare figures, to determine which creditor offers the most convincing terms and conditions. Put Your Other Creditors On Hold If you re in a financial crisis, it would help if you call some of your creditors, and negotiate If you may be able to put on hold some of your payments. If you forget to pay one or two of your bills on time, prepare to have some red marks or black eyes on your credit history. To steer clear of any delinquencies, try setting up your bills for automatic withdrawal from your personal ckeching account, so that you won't have to deal with any collection agency in the future. However, if your business scores an 80, this will indicate that your business pays its debts on time, or pays them in advance. How Lenders View Your Business Credit Score Most business creditors today expect their clients, or just about any other business entity, to have a Paydex account, as well as a business credit score.