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Hello all, I am looking for some advice in cleaning up my Credit History. I have started two months ago and have gotten 6 old debts removed, it is very satisfying, but I would like more.
Onto my question. I have some old accounts since 2000-1999 that say they are good but not closed I do not use them anymore at all and would like to close them.
is this a bad or good thing concerning my score. :wink:
I would love any advice as I will pay it forward to people I know.
Thanks
Whatever you do, don't close the old accounts.. That will very likely hurt your score... Moreover, it's likely to throw up some flags to some of your other creditors, which could lead them to lower/close other lines of credit.
Plus, there's the fact that having credit lines, and not needing them, is FAR better than NEEDING them, and not being able to get them...
Great news ( less work for me) But is there a chance that I could be denied one day for having to much credit open? Not sure how the process works in that aspect.
Thnxs
credit
Hi, GUEST. Actually, that DOES happen. My friend's dad has WONDERFUL credit. He tried to finance a 4-Wheeler ( I think that's what it was). He was turned down. The lender said he was 'over -extended' ( couldn't remember exact words, so I para-phrased..) on his credit. DOC....remember I was REALLY excited about applying for the 'Applied CC'? Well....before I looked into that website you gave me, I applied for a 'bad credit' CC. I received a 'denial' letter from them, stating "I din't have enough Revolving Credit'...crazy, huh?
If you like to remove your old debts, just send debt validation letter to the creditors and if they validate your debt, go for pay for deletion agreement so that the listing gets removed from your credit report as soon as you pay off the debt. Always get the PFD agreement in writing so that if the creditor does not remove the listing after you pay off the debt, you can send a dispute letter to the bureaus along with the agreement and the bureaus will get them removed from your credit report.
Hi Sorie
Are the old accounts you are talking about credit card accounts. If they are credit card accounts and if you have a good credit history with those accounts then you should not close these accounts as it would reduce your credit score. Instead of opening new credit card accounts, you should use these existing accounts which will help you to improve your credit score.
It is always good for your credit score if you continue with your old credit cards, because not only the credit history but also the length of the credit history plays a major role in calculating your score. However, if the credit card company charges high annual charges which you think you could not afford then you can close the card.
If you have many open lines of credit, you may not get a new credit from the creditors in spite of the fact that you have a good credit score, because the creditor will find it risky in lending you money. More and more credit cards also reflects the fact that you are credit hungry which also affect your credit score.
Sorry I was the Guest I must have been signed off somehow.
Thanks for the replies.
Justin
The accounts are as follows.
HSBC/RS from 1999 I don't think it was a credit card, it was a long time ago. but it shows current and all good.
The other is a Macy's account from 1999 as well I closed the account but they never did. in 2006 I opened another account with them so I have two that are open with Macy's should I close the older one for less confusion, and if I were to have overextended credit I would rather have two different store cards that two for the same store. I am really not sure if I made sense right there.
You guys are right though, this credit score business is tricky.
You guys have been great. thanks.