When Wells Fargo opened accounts for more than two million customers without their knowledge, they opened a whole can of worms that complicated things, particularly in terms of people’s credit scores.
Not only did these employees open credit cards in people’s names, but they also opened savings and checking accounts. While those that close the checking and savings accounts won’t experience any negative reflections on their scores, those that close the credit card accounts will.
If you’re looking to make a big jump in life by taking out a mortgage loan or looking for a new car, then it might be a bad time to cancel those accounts. Canceling cards will always lower your score, but it will matter here most if you’re looking to make a financial change.
Image via USA Today.