2 Closed Cards... Help!

[AC222999]

Hi all,

I am new to the forum. I've been dealing with credit card debt for years since graduating from college. I have been working diligently this year to pay the cards down. i haven't had any late payments on my cards and i pay more than the minimum.

unfortunately, probably due to the fact that I've consistently carried a high balance, my oldest credit card from Chase was closed by the grantor. 8,500... and i will have paid it off entirely next month!

i also have another card from Chase, formerly WaMu... that was closed months ago and i am working on paying off that balance by the end of the year.

i checked my credit report and both cards are still listed as "open" and "current". after i pay off these cards, i am assuming that they will report both of those accounts as closed. i don't have many other open accounts and they are not for high amounts of credit.

will this make my score drop dramatically? my current score is 640. i am trying to be at 720 at the very least by this time next year.

any advice? thanks...

[chane]

Well, you're improving your debt to credit limit ratio, so that might raise your scores. It would help to have 1 or 2 open accounts, the higher the limits the better.