I know some of you will probably want to shoot me for this, but here goes... I have a bunch of old accounts that are good, but for some reason my score sheet says that i am 90000 in debt. the only way i am is if they add up all the good and the bad, then it comes out to that i have been turned down for things because of this, so should i delete everything, and start over? and the stupid BK from 97 just won't go away...
If you have old accounts in good standing and they are still showing balances (debt owed) which has already been paid you need to send letters to the CRA's to update the balances to ZERO. That should take care of your problem. You do NOT want, if the accounts are in good standing, to have them deleted. Even having them show as "closed" if you don't use them any more should take some close consideration on your part and when in doubt, don't. The scoring metrics are based on a ratio of available credit to debt so you could skewer your ratios if you request they show as closed. Hope I've helped Mist
