What to do about an "R1&q

Discussion in 'Credit Talk' started by Angela, Dec 20, 2000.

  1. Angela

    Angela Guest

    I am rebuilding credit after having chargeoffs.

    I was all set to find out the new owner of the $700 revolving account listed on the CRA's credit reports as open. The account is with a department store that went belly up in 1999. I planned to make a big effort to close the account.

    A friend told me to leave it alone. She says a open R1 account is better for me for a few years. Than a closed R1 account.

    Any opinions?
  2. jamie

    jamie Well-Known Member

    RE: What to do about an "

    Isn't an R1 account a revolving account in good standing?

    GEORGE Well-Known Member

    RE: What to do about an "

  4. roni

    roni Well-Known Member

    RE: What to do about an "

    An inactive revolving account will hurt your score. However, if you dispute the account the creditor may truly update this to an R9 status. You did say you charged this account off right? The R9 will hurt worse than an inactive R1. But, if you did actually charge it off and the company went out of business, the CB cannot verify it anyway. Then it would just get deleted. My best advise is to say it like this...R1(active) > R1 (inactive) > Deletion > Chargeoff. Weigh your options before rolling the dice. LOL


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