Should You Close Accounts after the Death of a Spouse

You should exercise thought and caution before closing down any extra accounts specially any accounts that may belong to your spouse.  If the accounts were held on a joint basis by you and your spouse and closing them may impact your credit score negatively.  If these accounts have a positive status on your credit report then closing them may have a very negative impact on your credit score.  The reason once again is debt utilisation ratio.  When you close credit accounts that are in goods standing you reduce the credit limit available to you.  This increases your debt utilisation ratio which is not good for the credit score.

In case you are unsure of which accounts are a part of your credit history as well you should order a copy of your credit report from the credit bureau or from

The two reasons why you might want to keep the joint accounts open are, one you may still find use for some of the accounts and number two you might want to keep the other accounts opened for the sake of maintaining a good credit rating.

You should also ensure that your spouse’s credit history has been updated and shows a deceased indicator.

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