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Posted in Paying Your Bills
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peanutpals

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Why is closed account a negitive?
The account(probably the oldest I had) was paid off in full and early, but is showing as a negative mark on my credit reports. Why is this, and how can I get rid of it/ raise the score

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An account that is closed is not negative due to the fact that its status is closed. There must be some other reason that it is considered negative. Are there late or missed payments associated with the account? If so, that is what is negative. When paying off and closing an account it does usually hurt your credit, but that is due to losing the "active and open" account. Under no circumstance should you start trying to remove the account at hand until you have done extensive reading on the subject and only if the account actually does have negative info, otherwise it is helping your "average age of accounts" with FICO scoring systems and removing it would damage your credit if there is no negative info on it.

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