Do closed credit card accounts with no late payments have any impact on the credit score? I am asking the question because I have a few such accounts which show on my EQ but not on my TU credit file. Should I bother requesting TU to update their records to indicate that I had these accounts and while they were open have paid them on time? Could the presence of a large number of such accounts actually drive the score down? Thank you for your help!
That's a good question. I know that the number of accounts paid as agreed is included in the "payment history" portion of your FICO score. Payment history accounts for about 30% of your score, and even closed accounts can be included in the calculations. I couldn't imagine a large number of accounts that show positive payment history ever hurting you score, unless you opened them all and closed them within a short period of time. If you don't have much positive credit history at all, it might be worth taking the time to make sure everything shows up on your credit reports. Otherwise, I don't know if it would really be worth your time.
Closed accounts with a positive payment history are actually good in the FICO score calculation, and postive if creditors look at your credit history. As far as what the original poster was asking regarding some of those cloaed accounts showing up on one CR but not on the other - please remember - not all creditors report to all three agencies. Some to only one, some to two, and some to actually all three.
I understand that accounts may/may not be recorded on all 3 CRA's but if the info. is wrong showing for example: Closed at Consumers Request PAID AS AGREED NO LATES However in the account Data it states CL3500 HB 5000 LATE 0 It's backwards, my CL was 5000 the High Balance was 3500 it would show to some people at one time I was 1500 overlimit! Which never occured. Should I care?
Thank you for your reply! Two follow up questions, if I may: (1) Do closed accounts get counted in calculating the "average account age"? (2) I had an Citibank credit card account which I opened 18 years ago and closed 10 years ago. It is was my first ever credit card account and thus is older than any other account. Will it get accounted as the oldest account if I make sure it is shown on the credit file despite the fact that it has been closed. Thanks.
bump some creditos report to 1-2-or all 3..... close accounts do show on cr's.. open accounts with no activity will drive your fico down cause creditors will look at it as well they can still use it and that drives your deth to income ratio down. as long as your account shows 0 late and all should be no worry bout it. take a good look at all 3 cr if you can compare them for diffrences and contact the one with questions, also when applying for credit > ask which one the creditor uses.... eq tu ep each one may show a diff fico score due to who reports to them and whatt they report. so reserch them see which one is best and use it if they can.. ex: cause say eq shows a fico of 690 and tu shows a fico of 720 could mean a interest rate of 5% point on a car purchase ect.
CRs' scoring models don't have anything to do with debt to income ratio. CRs don't know anything about your income.
