No. Your credit report may be noted as “managed by a credit counseling agency”, however, enrolling in a DMP does not directly impact your score. Please visit www.experian.com for more details.

One of the factors that make up your credit score is your Credit Utilization Ratio. This is the percentage of your total credit limits that you are currently using. Generally, having a lower Credit Utilization Ratio has a positive impact on your credit score. Closing credit cards means losing access to any available credit and may increase the Credit Utilization Ratio unless the balances are already close to the limits.

Remember, the goal of the DMP is to develop a plan to ultimately improve your financial and credit standing.