New Delhi, March 21 -- Closing out old accounts of credit is a serious decision when it comes to your credit score, one that most people are unaware of. With so many Indian consumers looking for ways to mend their credit well-being, it is important to look at the effect closing out old accounts has.

This particular write-up is dedicated towards explaining as to why closing old accounts can hurt more than you can think:

When you shut down an old credit card or a personal loan you are shutting down the history of consistent repayment on your credit profile. This is one of the biggest factors used to calculate your credit score. The more history you have on your credit i.e., of consistent repayments, the better your credit profile image is...