I know its 7 years (right?) for accounts that arent in good standing, does that also apply to closed accounts in good standing? The reason I ask is I have a lot of accounts on my report that have been closed and in good standing and I dont want the amount of accounts that show up on my report to look bad.
2007-01-04 10:15:09 · 3 answers · asked by Tim6298 2 in Business & Finance ➔ Credit
10 years in good standing. Don't worry about it, it won't hurt your credit worthiness if they are closed, zero balance, and in good standing. It WILL hurt your score if you are actively closing accounts as you are reducing your length of credit history.
Best of luck.
2007-01-04 12:20:59 · answer #1 · answered by David 3 · 1⤊ 0⤋
To add to the first answer, accounts closed in good standing may actually improve your credit compared to not having them appear at all. You can't have to much positive information. These accounts actually show a positive history longer than what you current accounts show.
2007-01-04 12:50:44 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Installment and revolving accounts can stay on indefinetly if they were in good standing. Collections stay on for 7 years and 180 days. Bankruptcies can stay on for 10 years.
2007-01-04 14:28:34 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋