Hi.
I need cash, and I am thinking of closing one of my Roth IRA account. I am aware that this is a bad move, not just for early closing fee, Fed. tax of 10%, and state tax.
My question is, will it damage my credit history if I closed Roth IRA now?
btw, I am 31 years old and I will not touch my Roth IRA with other institution, nor other forms of retirement savings.
Thank you.
2007-07-29 16:20:12 · 3 answers · asked by zowzow1 1 in Business & Finance ➔ Personal Finance
Closing a Roth IRA should not have any affect on your credit score. You have met all of your contractual obligations (by paying the fines/fees). In addition, asset accounts are not tracked on credit reports (unless something therein leads to a collection or lien).
2007-07-29 16:23:54 · answer #1 · answered by JJ 5 · 0⤊ 0⤋
It won't hurt your credit to take out your money from your Roth IRA.
2007-07-29 23:32:12 · answer #2 · answered by Andrea B 3 · 0⤊ 0⤋
Closing your IRA will not affect your credit, only your retirement...
2007-07-29 23:22:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋