I’ve never missed a payment so I should have a high credit score, right?
Never missing a payment and paying on time is one of the variables that make up your credit score but having many open credit account will decrease your credit score. This reason is because lenders look at your potential to spend to your credit maximums. By closing old accounts that you don’t use anymore, it may improve your credit score. Also, try to keep credit balances less than 50& of your credit limit as this will quickly downgrade your score and having a higher score can mean higher interest rates.
