Accounts Open Vs. Closed

Discussion in 'Credit Talk' started by MikeB, Apr 9, 2001.

  1. MikeB

    MikeB Banned

    I know having a dept. store card in addition to an installment account and a few major CC like Visa and Mastercard is beneficial to FICO scores. I was wondering if it matters if the account is open or closed as far as FICO scores are concerned. I only had 2 dept. store cards from over 6 years ago. One is closed and other is listed as inactive. I would assume having too many open accounts would be deleterious, but I know not to look to "logic" when discussing FICO. Is it better on FICO scores to have open accounts or closed accounts? Thanks in advanced.
    BTW, I am now obsessed with credit repair and visit this board numerous times a day.

  2. Dani

    Dani Well-Known Member

    Hi Mike,

    I thought I read that FICO does not take closed accounts into consideration to calculate your FICO score. And it was better to have open inactive accounts than closed accounts. Was it Bayhouse's forum that mentioned this? Not sure. Maybe somebody can help me on this. Best wishes.


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