does having closed credit card accounts on my report show bad or good?

Answer 1

Well, Taja definitely has a point, but it really depends on two things, 1. who closed it, and 2. what standing it was in when it was closed. When you close an account, the payment history on all your other active accounts are shortened, the available credit, and the "average age of accounts" which makes it look like credit's been opened more recently than it has. Were the accounts canceled by consumer, or cancelled by guarantor. Well the latter is definitely worse being that something had happened for the acccount to get closed by the company due to inactivity or something else. If you (the consumer) close the account it's not as bad, but closing the account definitely hurts your score.

Another thing is that the standing the accounts were in. Were you current? Were you delinquent? It looks even worse on your report when you've been delinquent.

Credit is designed to be used when necessary over time. If you have an account, it should be used, but used lightly. If you have opened then closed accounts, it shows indecisiveness on your part as far as credit's concerned.


I hope this answer helps.

Answer 2

It depends.The Credit Score (also known as your MyFico score) is calculated with the following breakdown:
* 35% - Payment History
* 30% - Credit to Debt Ratio
* 15% - Credit History
* 10% - New Credit
* 10% - Credit Types in Use
in order to close credit card accounts a small loan consolidation with low interest is the best for your score. I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html Good luck!

Answer 3

Don't close your oldest account: that gives you the longest history of credit. You can close accounts within about 18 months of opening them with nothing bad showing up. It's better if you close them than the account holder. Don't close them if it means your debt-to-credit ratio goes up (in other words, if you have $4,000 of credit available and $1,000 of debt, then closing an account with $2,000 of credit available means that your debt-to-credit ratio goes from 1/4 to 1/2 of available credit: the lower rate of 1/4 is better than the higher rate of 1/2). Don't close them if you have four accounts or fewer. In other words, you don't usually benefit from closing accounts.

Answer 4

It all depends if your balance was zero and you closed the and the cc ompany it's not as bad as if thecompany wad closed it due to default. Juust make sure you get document that state closed at customers request the cc card company should be able to send that with confirmation that your account is closed with an zero balance

Answer 5

if you closed them that it would be good, if the creditor closed them it sould be bad, closed account isn't a bad thing if you close them, it shows that you made the decision to close the account for what ever reason, but as far as your score is concerned, it's doesn't move it up or down it's at a standstill with them, because there is no activity on the account..

Equifax employee for 11 years.

Answer 6

It shows badly honey...
Even worse r credit INQUIRIES.
Meaning :when stores want you to apply for "instant credit".
DON'T do that if you want to keep a good report. It looks as if you r "requesting to borrow".

Answer 7

i don't think it is that bad if u keep payments up or probs. paid 'em in full