Closed accounts

[Anonymous]

How do I tell if an loan or credit card account is closed on my report?

[fused]

On your reports look at the account status for each of your trade lines (accounts).

[Anonymous]

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vernst13 wrote:
How do I tell if an loan or credit card account is closed on my report?

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fused wrote:

On your reports look at the account status for each of your trade lines (accounts).

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Welcome to forum vernst !

It look like this on your account report ...

Account status [?]     Account is Closed

Descriptions [?]

• Account closed by consumer

[Anonymous]

Okay, I'm new here, so forgive me if this has been gone through a million times before. Everyone says it's good to keep a record of the closed accounts. Fine. My concern is this: I have 45 accounts on my EQ listing. Of these, 9 are actually open; the rest were closed at one time or another. But on the listing I got from EQ, very few actually say they are closed! Of the 36 closed accounts, only 24 actually have a status of "inactive"; the other 12 have a status of "Open". 10 of these have something in the comment field indicating that the account is "zero balance" or closed at someone's request; the other two say nothing, even though they have been closed for many years. Is there something I should do to, someone I should ask, to update these to make them correct? If so, who and how? I'm not even sure what some of these items are any more, the info is a long list of "not reported" and "no contact information given". Thanks -- Chaz

[Anonymous]

Welcome to forum Chazathoth!

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Chazathoth wrote:
Okay, I'm new here, so forgive me if this has been gone through a million times before. Everyone says it's good to keep a record of the closed accounts. Fine. My concern is this: I have 45 accounts on my EQ listing. Of these, 9 are actually open; the rest were closed at one time or another. But on the listing I got from EQ, very few actually say they are closed! Of the 36 closed accounts, only 24 actually have a status of "inactive"; the other 12 have a status of "Open". 10 of these have something in the comment field indicating that the account is "zero balance" or closed at someone's request; the other two say nothing, even though they have been closed for many years. Is there something I should do to, someone I should ask, to update these to make them correct? If so, who and how? I'm not even sure what some of these items are any more, the info is a long list of "not reported" and "no contact information given". Thanks -- Chaz

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Chaz, are those accounts have any negative infomation on it?  If not, don't worry about it.   I don't remember which thread was it, but some thread was talking about same situations as yours.  As long as it does not affect to your CR and score in bad way, leave it as is.  When the time come ... 10 yrs or so ..., it will disappear from CR.

[Anonymous]

If these accounts are posive (ie no baddies or lates) just let them fall off naturaly-

They will stay on for 10 years past closed or updated

They are a good thing-

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Chazathoth wrote:
Okay, I'm new here, so forgive me if this has been gone through a million times before. Everyone says it's good to keep a record of the closed accounts. Fine. My concern is this: I have 45 accounts on my EQ listing. Of these, 9 are actually open; the rest were closed at one time or another. But on the listing I got from EQ, very few actually say they are closed! Of the 36 closed accounts, only 24 actually have a status of "inactive"; the other 12 have a status of "Open". 10 of these have something in the comment field indicating that the account is "zero balance" or closed at someone's request; the other two say nothing, even though they have been closed for many years. Is there something I should do to, someone I should ask, to update these to make them correct? If so, who and how? I'm not even sure what some of these items are any more, the info is a long list of "not reported" and "no contact information given". Thanks -- Chaz

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[Anonymous]

Thanks for the quick response, guys!

No, no bad reports -- but it's unnerving to me that the reporting agencies that have so much control over my financial future don't have (or don't report) accurate information. You'd think there would be a way to fix this.

I'll let it ride, I guess. After all, it doesn't seem to be hurting me any.

Much obliged!
--Chaz

[Anonymous]

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Chazathoth wrote:
Thanks for the quick response, guys!

No, no bad reports -- but it's unnerving to me that the reporting agencies that have so much control over my financial future don't have (or don't report) accurate information. You'd think there would be a way to fix this.

I'll let it ride, I guess. After all, it doesn't seem to be hurting me any.

Much obliged!
--Chaz

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Good!   Relax and enjoy the ride with them until their last stop comes. 

[Anonymous]

This is still confusing.  My TU FICO score is getting hurt by "Too many accounts".  The score summary states that I have 36 accounts currently paid as agreed, while FICO high achievers have an average of 6.  Some of these accounts are reported as inactive, but the description says that it was transferred to another lender.  Anyhow, it seems pretty clear from the FICO score summary that I should get these accounts properly reported as closed.

Two questions: What is the difference between a closed account and one that I thought was closed but is reported as inactive?  And do the descriptions have any impact on the FICO score (e.g. closed by creditor vs. closed by consumer)?

[Anonymous]

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Too_Much wrote:

This is still confusing.  My TU FICO score is getting hurt by "Too many accounts".  The score summary states that I have 36 accounts currently paid as agreed, while FICO high achievers have an average of 6.  Some of these accounts are reported as inactive, but the description says that it was transferred to another lender.  Anyhow, it seems pretty clear from the FICO score summary that I should get these accounts properly reported as closed.

Two questions: What is the difference between a closed account and one that I thought was closed but is reported as inactive?  And do the descriptions have any impact on the FICO score (e.g. closed by creditor vs. closed by consumer)?

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Hi, Too_Much, and welcome to the FICO Forums!

A closed account is no longer available for use (if revolving) or paid in full (if installment).

An inactive account is still open, but has not been used for a long time.

The "too many accounts" factor can come into play with both kinds of accounts.  You can be dinged for having too many total accounts (open and closed), as well as too many open accounts.  Getting your existing closed accounts reporting correctly may help this aspect of your score a small bit.

However, it is usually not a good idea to dispute anything reporting in association with an account that is reporting as positive tradeline and contributing towards your good payment history and average age of accounts.  If you do, you run the risk that the account will be deleted entirely, which will likely do more harm than good.

As to your second question, the "account closed by credit grantor" and "account closed by consumer" notations may have some significance in the manual review process, but do not affect FICO scoring one bit.

Message Edited by cheddar on 03-29-2008 01:29 AM