@Anonymous wrote:I had a Bank of America credit card opened last year. BoA closed it after 5 months of use because my FICO score dipped a little when I maxed the card out. I've been paying the minimum monthly balance every month.
The card shows up on my credit report as Closed, but payments made every month are still being reported.
It's been a year and I've almost paid off all the balance to zero. However, since I see that my monthly payments are still reported to the credit bureaus, I wonder if it's better to just keep it open with a low balance and just keep making the minimum monthly payments every month. Does it matter to my FICO scores? How does it affect the age of my account if I keep this "closed by creditor" account "alive" by keeping a small balance?
I'm assuming once I've paid the card down to zero, BoA won't report to the credit bureaus anymore.
1. You don't have an option of keeping it open. If it's closed, it's closed.
2. You should pay it off ASAP.
3. It will probably stay on your reports for many years, typically 10 years, as a closed account.
