my fico's

[laryn41]

I would have figured they would have gone up. But not really. There is a flag next to how many accounts I have. It stated that it is negitively effecting my score. Yet we should close any either?

[Anonymous]

Closing a derogatory account won't remove it from your credit report.

For me to give you advice, I'd need to know more. Are the red flags for charge-offs or collections? 30/90/120-day lates? Public records like judgments or tax liens? Were the accounts previously delinquent but since brought current?

[laryn41]

it says:

Accounts [?] 45

I don't have 45 open accounts.

Nothing is derog on my reports. If I have baddies they are all taken care of and I pay everything on time. i know I have to get my utiz. down, but other that that. Also new accounts. I have a few.

[Anonymous]

---

laryn41 wrote:

it says:

Accounts [?] 45

I don't have 45 open accounts.

Nothing is derog on my reports. If I have baddies they are all taken care of and I pay everything on time. i know I have to get my utiz. down, but other that that. Also new accounts. I have a few.

---

That number is total accounts, open and closed, not just open accounts.

Closing an account will not remove it from your reports, and it won't remove it from your number of total accounts.

Message Edited by cheddar on 07-02-2008 04:39 PM

[haulingthescoreup]

As best as anyone can tell, there's not much of a score ding attached to this flag.

As long as you don't go ape with new accounts, the situation will fix itself as closed accounts fall off once they've been closed 10 years.

[laryn41]

Will it fix itself as the new accounts age and you don't get anymore credit?

[haulingthescoreup]

---

@laryn41 wrote:

Will it fix itself as the new accounts age and you don't get anymore credit?

---

Well, as they actually fall off your reports from old age (10 years after closing.)

[laryn41]

So as long as they are still on ther your score won't change. not even as your new accounts age?

[Anonymous]

Sounds like the biggest lever you have to pull right now is lowering your utilization. Since none of your accounts are derogatory, they're not hurting you. On the other hand, you don't really need to add any more accounts. :-)

[smallfry]

This is the least important and least harmful of all the red flags. Don't concern yourself with that at all. The damage is very minimal.

Message Edited by smallfry on 07-03-2008 09:23 AM