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I have a "Negative Item" called an Open Account on my credit report. It is a credit card thathas a zero balance and has not been touched in over a year. Should I leave it open, or Should I close it?
It is the oldest line of credit I have (besides my student loans which are spotless!)
Never close an old account if you do not have to. Do you know why this account would be laying on the negative side of your report? If there has not been a balance for over a year then it can not be due to late payments because they clear thierselves off in a years worth of on time payments. I would call the credit card company and see why they have listed this account as a negative when the balance is zero. I have never heard of unused account going to the negative side. Maybe someone else here can help us both see why this is.
Hi Skot
You should keep credit cards only with a good credit history as credit history has a major role to play in your score. However, since your credit card has a zero balance, it means that you have maxed out your card and have not repaid it. You should call the credit card company or the collection agency, who now owns your cc debt and come to a repayment agreement and pay it off. After paying it off, you can close down the account as cards with delinquency only lowers your credit score.
I too think that you should immediately send a debt validation letter to the creditor whose name appears in your report against that particular debt and pay it off on getting proper validation of the debt. This is because if you do not pay it off and the creditor brings a judgment against you to recover the debt, your credit score will fall drastically.