topic Re: Closed CLs. in General Credit Topics

Closed CLs.

Creditin — Sun, 13 Jun 2021 17:57:08 GMT

In what way, if any, accounts reported closed with 0 balance in good standing help?

Do they count on the credit report?.

My wife has 36.

Yesterday, she applied to a co braded BoFA, and they approved 17K CL.

I apply to decent banks (Chase, Citi, AA, BoFA) and I'm denied.

Yes, I'm envious, that's almost my total CLs.

Those 36 closed accounts most be helping somehow. Do you agree?.

Cheers.

Re: Closed CLs.

Horseshoez — Sun, 13 Jun 2021 18:23:57 GMT

If the closed accounts are old, they definitely help AAoA.

Re: Closed CLs.

AverageJoesCredit — Sun, 13 Jun 2021 21:18:01 GMT

@Creditin wrote:
In what way, if any, accounts reported closed with 0 balance in good standing help?
Do they count on the credit report?.
My wife has 36.
Yesterday, she applied to a co braded BoFA, and they approved 17K CL.
I apply to decent banks (Chase, Citi, AA, BoFA) and I'm denied.
Yes, I'm envious, that's almost my total CLs.
Those 36 closed accounts most be helping somehow. Do you agree?.
Cheers.

No they dont help in getting approved only in factoring into ones AAoA.

Re: Closed CLs.

Yasselife — Mon, 14 Jun 2021 13:55:49 GMT

It does help on AAoA as others have said, and may count on Lenders algorithm that look more than just scores. Close accounts in good standing shows history and definitely count on manual reviews which is common when doing recons and/or asking for credit increases.

Re: Closed CLs.

Anonymous — Thu, 29 Jul 2021 19:07:54 GMT

This is good information. I didn't know closed accounts in good standing still factored into aging. Perhaps I'm not as bad off as I thought. I have quite a few closed and paid.

@Yasselife wrote:
It does help on AAoA as others have said, and may count on Lenders algorithm that look more than just scores. Close accounts in good standing shows history and definitely count on manual reviews which is common when doing recons and/or asking for credit increases.