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omareduardo
Member since: December 2010
Total Contributions: 3
Most Popular Contribution
The Do’s and Don’ts of Closing Old Accounts
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(3 Total Contributions)The Do’s and Don’ts of Closing Old Accounts
You have the right to get a credit report from all three major credit bureaus once a year at annualcreditreport.com, check it out! I would just get a report from each one of them every 4 months to keep monitoring.
Comment Reply posted 1 year ago
The Do’s and Don’ts of Closing Old Accounts
If they are not inaccurate, then you can simply keep going without missing any payments and keeping up with the 'good habits'. They will stay on your record for about 7 years, at which time the account will go back to good standing unless you make another mistake. At least that's what I've been read.
Comment Reply posted 1 year ago
The Do’s and Don’ts of Closing Old Accounts
I also thought that closing unused account would be seen as a good thing. I think the rationale behind scoring higher for unused credit lines is that you can manage those account, and are able to hold back on spending even if you have approved credit. It also shows that whatever you use up you end up paying back, and are not in a trend of using up all the credit available to you. Not sure if it's the best way to measure this, but I guess it does have some sort of logical basis.
Comment Reply posted 1 year ago
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I also thought that closing unused account would be seen as a good thing. I think the rationale behind scoring higher for unused credit lines is that you can manage those account, and are able to hold back on spending even if you have approved credit. It also shows that whatever you use up you end up paying back, and are not in a trend of using up all the credit available to you. Not sure if it's the best way to measure this, but I guess it does have some sort of logical basis.
Comment Reply posted 1 year ago