Accounts closed

[mike985]

I have quite a few closed/inactive accounts on my Credit Report. Should I attempt to have them removed and if so, what effect would it have on my score (currently 726)? Thanks in advance for any help out there.

[ngerasimatos]

You should only want to remove a closed account if it was closed for negative reasons or paid late. Why do you want to remove satisfactory paid/closed accounts?

[mike985]

Thanks for getting back so quickly. I pulled my CR and total number of accounts is listed as 34 (with a little red flag indicating that number is hurting my score). Accounts with balances is just 7. Just seems to me if I lower my total number of accounts (all were in good standing) it would raise my score because I would get rid of that dreaded little red flag.

[Anonymous]

If they are all positive TLs then leave them on that are adding to your age and not causing any dings - get balances in line (less than 10% on CC) and no more than 3 of the 7 open accounts reporting a balance. 

[Anonymous]

Hi mike985,  keep in mind that your scores are made up of many things.....35% of scores are from length of history....IMO  never close a good standing account.....If these accounts have any baddies (late pay) they will drop from CR in about 7 years from when they accured....then the TL will remain if good for 10 years  this is good!

IF a closed account (CC)  the amount owed is figured into scores as debt BUT the CL is not  and can hurt scores.

Credit history is deluted over time as you apply & get new credit. This is one reason why you do not delete good TL   and if talking about CC  never close older accounts  just use once or twice a year to keep them active.

AS LADY said   keep total UTIL on CC  under 10 % for best scores.

Message Edited by HappyDays on 03-09-2008 12:51 PM

[mike985]

Thanks to all for your help. I guess I'm a bit **bleep** and just trying to clean things up.