Closing your Credit Builder account may affect your credit score. In some cases, you may notice a small decrease after the account is closed. This is a normal part of how credit scores are calculated and is not unique to Credit Builder.
When you close a Credit Builder account:
- Your active credit history on that account comes to an end. The length of your credit history is an important factor in your credit score and accounts for approximately 15% of your overall score.
- Your credit mix (also known as credit variety) may also be affected if you have fewer types of credit accounts remaining. Credit mix makes up approximately 10% of your overall credit score.
These changes can result in a temporary decrease in your credit score.
Rest assured, this is normal. Closing any credit account can have a similar effect on your credit score. In most cases, the impact is temporary. Continuing to make on-time payments on your other credit accounts and maintaining healthy credit habits are the best ways to support your credit score over time.