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babydalton12

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i have 7 closed accounts why are they still on my credit report

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Closing Accounts will hurt your score.

Helpful to 4 out of 6 people

your credit score is based on your credit history. That info is there so that lenders have an idea of how you have handled your credit in the past so they have an idea of how you will handle it in the future.

Each lender has their own algerithum to figure out what score to assign to you. For some that will have more importance than others.

As a rule of thumb you do not want to close an account even if you do not plan to use it. This lowers your credit/debt ratio.  They should become part of your "emergancy" credit. 

By the way, to get a really good score, you want to get your Available credit up to about 1 years salary.

So if you earn say 50K then you want 50K of available credit on cards and in loans. 

And BTW, they don't stay on your credit report forever, If they are still there after 7 years you can request that they be removed. 

Good Luck!

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Thats because...

Helpful to 1 out of 2 people

Closed accounts do not get removed from your credit report. All of your accounts stay on your report forever.

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