![]() |
|
![]() | ||
|
Subject:
Credit Report
Category: Business and Money > Finance Asked by: bighug2u-ga List Price: $2.50 |
Posted:
01 May 2004 13:13 PDT
Expires: 31 May 2004 13:13 PDT Question ID: 339498 |
On a recent credit report I found that I have too many open credit card accounts that are old and I apparently have not closed. I am looking for a safe way to close them when I no longer have the credit cards. |
![]() | ||
|
There is no answer at this time. |
![]() | ||
|
Subject:
Re: Credit Report
From: pinkfreud-ga on 01 May 2004 13:16 PDT |
This may interest you: "Many consumers who review their credit reports find old credit card accounts they haven't used for years still listed as open accounts. You may think it's a good idea to close those accounts and have them listed on your credit report as closed. That's not necessarily the case. Fair Isaac Co. says that closing old accounts can't help your FICO credit score, and can only hurt it. Why? Credit scores are based on information about how you've handled different types of credit over time. When you close out a lot of accounts, you may limit some of the information that could be helpful in predicting how you'll pay in the future. You may also shorten the average length of your credit history. When it comes to credit scores, a longer credit history is better. Unless you have a specific reason for closing accounts -- you're getting divorced for example, and want to close your joint accounts - you may want to leave your old accounts as they are." http://www.consolidatedcredit.org/debt-learning-center/credit-score2.asp |
Subject:
Re: Credit Report
From: fstokens-ga on 01 May 2004 13:38 PDT |
pinkfreud makes some good points (as usual!) so I'll just add a comment on the other side. If you're looking to borrow money, lenders usually see every "open" line of credit as a potential debt. The more potential debt you have, the less the lender will be willing to lend. So closing old accounts can (at least in some cases) increase the amount you can borrow. |
Subject:
Re: Credit Report
From: omnivorous-ga on 02 May 2004 08:01 PDT |
Bighug2U -- The credit report itself will indicate with whom the account is open AND an account number. Sometimes those account numbers are scrambled for security reasons, though most often they aren't. Probably the best way to close the accounts is to contact the account holder and make the request in writing. Best regards, Omnivorous-GA |
Subject:
Re: Credit Report
From: aaronssu-ga on 19 May 2004 01:14 PDT |
Perhaps the a solution would be too contant the credit card companies whom you have the open accounts and request that the maximum credit limit be reduced. This would allow favorable credit history to still be viewed and increase the amount of loans that a lender would be willing to offer. -AaronSSU |
If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you. |
Search Google Answers for |
Google Home - Answers FAQ - Terms of Service - Privacy Policy |