Is there any way to remove closed accounts in good standing from a credit report? I have about 18 closed accounts that I am tired of looking at. The ten year wait is too long! Thanks in advance, ChesterR
FOR WHAT REASON??? "IF" you remove them...you will be DENIED for a new reason---->"LENGTH OF CREDIT HISTORY"
I could see you losing 50-100 F.I.C.O. points "IF" you could get them ALL removed... LENGTH OF HISTORY IS PART OF THE F.I.C.O. SCORE!!!
I read on another CN post somewhere that the credit length on a closed card ends when the card is closed (e.g., a card opened in 2000 and closed in 2003 only has a 3 year credit history, regardless of how many years down the line it is). Therefore, your average length of credit history could actually be hurt. Has anyone else heard of this?
No, that is not true. I have heard that before but no one has as of yet presented proof that this is so. History is calculated by looking at these factors: - time since earliest account opened. - time since most recent account opened. - average amount of time since all accounts have been opened. A negative effect you may get from all these old accounts is a "too many bankcards" or "too many installment loans" but neither of these messages is a cause for worry. Leave these accounts alone. If you want, calculate the average length of time that your accounts have been open (look at their dates of opening and add up the number of months it's been since each opening, then divide by total number of accounts). If you have closed accounts that are younger than this mean date, try to close them. If they're older than your average age, leave them alone, they're helping you. Also, FICO looks for a good mix of things. Make sure you have at least one installment loan and a mortgage.
Re: Re: Removing Closed Accounts ONLY F.I.C.O. KNOWS FOR SURE---AND THEY AINT' TELLIN' When my wife's EQUIFAX was "TRIMMED" for inquires and closed accounts (NOT OUR IDEA)...she took a PRETTY BIG HIT!!! "TRIMMED" because of "B" with CW
Re: Re: Removing Closed Accounts According to your credit file, you have 14 bankcard charge accounts. On average, U.S consumers have between 4 and 5 bankcard charge accounts (including both open and closed) reported on their credit file. Click here to review your Accounts Summary. The FICO score evaluates the number of open and closed bankcard accounts you have. Having more bankcard accounts (Visa, MasterCard, Discover, American Express, Diners Club, etc.) than other consumers with credit histories of similar length represents higher risk compared to consumers with fewer bankcard accounts. Bankcards are a great convenience. But having more of them than you need may actually work against your score. We recommend moderation in credit. If you don't need it, or don't plan to use it, you're better off not applying for it. (WIFE'S EQUIFAX)---SEE THE OPEN AND CLOSED!!! I probably have 30+ "OPEN and CLOSED" ***I could NOT immagine somebody that has 25+ years of credit history with ONLY 4 or 5 accounts***
And that is pretty much what worthknowing.com has pasted on their web page as well. They say that lenders view more than 6 revolving accounts as too many, and that 4 or 5 is about average. Also, what about installment accounts, are they still counted if they are paid off? On a WK report I pulled, I have 2 installment accounts open, my car loan and my mortgage, but in my account summary WK lists 4, and in the account detail section, it only lists the name of the lender that I had 2 different installment loans with. It only lists that they are paid, Zero balance, and when opened. It does not report what the amount of the loan was for or what the montly payment was. Could I be getting "dinged" for having too many installment accounts, even though 2 are closed? Am I losing points since the loan amounts are not listed? Also, anyone know how accurate the WK report is? IT does not list a good number of other accounts that I have, and I notice that some 30 day lates are not showing up. Not complaining, but would the actual TU credit report also show the same TL's? FedUp2003
1*A negative effect you may get from all these old accounts is a "too many bankcards" or "too many installment loans" 2*but neither of these messages is a cause for worry. klingsor ============= Closed accounts aren't counted in this only open accounts rite
Having more bankcard accounts than other consumers with credit histories of similar length represents higher risk compared to consumers with fewer bankcard accounts. GEORGE ===================== How can a closed account indicate a higher risk.?More FICO double talk! THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Could I be getting "dinged" for having too many installment accounts, even though 2 are closed? Am I losing points since the loan amounts are not listed? FedUp2003 =================== Fico only dings you for two things. Everything you do, do and everything you don't do. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
lbrown59 wrote: "Closed accounts aren't counted in this only open accounts rite." That's what I thought too. But it isn't true. They count ALL revolving accounts on your credit report. I have 12 accounts on my report, four installments and eight revolving. Seven of those revolving ones are closed (and were closed many years ago) but I still get the negative factor that I have too many bankcards (8 cards). this is why, as far as FICO is concerned, you should pick one card and stick with it.
I was succesful in getting 4/4 old positive tradelines removed that were closed credit card accounts where I still had a card with the original creditor. Its about like asking for a goodwill adjustment. Just say you found out that having too many accounts(even closed ones) hurts your credit score and since you never paid anything late would they please remove the account. Incidently my score neither went up nor down on Equifax because of this.
this is why, as far as FICO is concerned, you should pick one card and stick with it. klingsor ============== Good way to get trapped in a jacked rate you can't get out from under. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Removing Closed Accounts NEVER LET YOURSELF GET IN A POSITION THAT YOU CAN NOT PAY AN ACCOUNT IN FULL IF NEEDED (EVEN IF IT HAS TO BE LESS THAN 60 DAYS)...EVEN IF YOU HAVE TO DO A BT FROM ANOTHER CARD!!! That is one reason to never only have only one card!!!
Re: Re: Removing Closed Accounts This is what I'm interested in finding out. Are there any posters who can report an actual gain in their score as a direct result of closing accounts? I would think the only way one could achieve that is by consolidating a newer account with the same institution into an older one so as to keep the total credit line and possibly improve the average age of accounts and to a lesser degree by closing newer accounts with small limits. I'm under the impression that doing it any other way would negatively affect the total credit limit and account age to the degree that it would cancel out or outweigh any positive effect of lowering the number of cards.
Re: Re: Removing Closed Accounts I would never only have one card. They could close it, jack it, reduce the credit limit. If it's the only card, you're stuck. Lose it and have to wait for a replacement on vacation--you're stuck. I'm with GEORGE. Be able to pay them off, but have them, even if they're in the sock drawer! Besides, you need at least two cards to play the "extend the float" game, using the card with the closing date gives you the most time to pay.
