On my credit report; I have accounts that are closed and some still have remaining balances. To help with the credit, should I pay those off. Whether open or closed accounts or not?
2007-01-24 20:29:44 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
ask a friend who has multiple bankruptcies !!!! you should have done it right the First time LOL
2007-01-24 20:43:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, you should pay them off because it is factored as negative equity. Part of your rating is based on your total balances versus your available credit. On a closed account, you have no available credit and some places report it as having no credit at all, so with a balance of $1000, they are saying you are borrowing $1000 more than you are allowed to borrow. That brings your score down a lot.
2007-01-24 20:35:08 · answer #2 · answered by bashnick 6 · 0⤊ 0⤋
i don't see how an account that still has a balance says it is closed. that does not make any sense. are you sure it does not say charged off? of course you need to pay them off.
2007-01-28 16:08:22 · answer #3 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
no, not always. sometimes paying certain things off will make them current, thus staying on your credit report much longer and effecting you negatively much longer, as well.
2007-01-24 20:39:16 · answer #4 · answered by Carla S 5 · 1⤊ 0⤋
Ya pay them off!
2007-01-24 20:35:23 · answer #5 · answered by Nate H 2 · 0⤊ 0⤋