VISDSNB is listed on my credit report - What should I do?

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Thanks for explaining this Neicy. So it would be better to close accounts that were newer and in good credit standing then to close older ones in good standing? We have four total accounts Discover, lowes, fashion Bug and Dell. I want to close the Dell and Fashion Bug when they are paid off and only have two. Is this a wise idea?

Joined: 06 Jul 2006 Posts: 686 17396 Magic Points

Yes, I agree with you Neicy. Since the new credit cards do not have a credit history, it is better to close them down rather than closing the older ones on which you have been making purchases for long. These old credit cards add up to your credit score because credit history or the payment history constitutes about 35% in your score. Another thing is that the more your credit approaches the credit limit, the creditor finds it risky to lend you money because you have already an existing debt which you have not yet repaid.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Good explanation Mary...but of course you are good at this.

BetterCreditGuru · Guest 0 Magic Points

It is always better to close unnecessary accounts provided they are closed at the customer's request and in good standing at the time. Then follow-up with a letter to the three reporting agencies (equifax, trans union, and experian). It seems folks like Credit Guru have been advising too many people in our country. Seen the stock market lately? Thanks a lot for your help Credit Guru.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

What would you say in this letter to the credit bureau. I would actually like to close a couple accounts that we really don't need to have and get rid of the temptation of them. Do you simply explain that you are closing it at your own request and would like that displayed on your report. I would really be interested in this as I am going to pay off an account today, thanks.

creditguy · Guest 0 Magic Points

credit guru couldn't be more wrong. I check credit for a bank for a living. close unused cards. they count towards your DTI ratio, aka debt to income, because banks see them as potential debt you can draw on. additionally, if someone were to steal your identity, it provides them yet another account to tap. as long as you have a few credit accounts open and pay them on time, your score will be fine.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

I wondered this and remember asking the question before. It sounds like you could lose out either way. First if you close out an old card I hear that you could lose the credit history from that card. Meaning if you opened a card 5 years ago and have always been on time with payments and then wanted to close that card you could lose valuable credit history. Second, of you don't close the card it will be like you mentioned above...the open credit line could hurt you. I guess if you still had a couple cards that give good historyt you would be okay but the dilemma I always have is that we only have a couple cards and I wanted to go down to just one but do not want my score to drop if we close those accounts. What would be your suggestion?

Dorothy · Guest 0 Magic Points

A credit card has been issued in my name, and Equifax cannot tell me what the deal is. I have opened no new credit cards, and want to know how I can contact someone to get this removed from my credit report.

swingdancer · Guest 0 Magic Points

That stuff about Macy's is very helpful. Should have known it would be them...

Joined: 17 Jul 2006 Posts: 1240 28942 Magic Points

Hi Dorothy
I think that this is an instance of identity theft where somebody has opened a new credit card using your social security number and other sensitive information. Therefore you should immediately file a complaint with the Federal Trade Commission to become a registered victim of identity theft. After filing the complaint with FTC, you should also notify it with the local police station and file a complain there.

oldguy · Guest 0 Magic Points

First.. thanks for the VSDSNB info.. googled here and it really helped.

This is about what credit guru posted.

I have a very long credit history. Using the rule of never close a good revolving account that credit guru pointed out, I have alot of old open accounts (more than 20) with 0 balances that I never use, some going back to the 80's.

The analysis that I got w/my score on the Myfico web site confirms that the my high debt/available is helping my score, but it also says the the high number of open accounts and high available credit is pushing it down.

Which is having the bigger effect?

Joined: 27 Jun 2006 Posts: 1307 29555 Magic Points

Hi Oldguy
The two most important factors that affect the FICO score is the credit history and the amounts owed factor. Now, if you have high unused balances on your credit cards, this means that the "amounts owed" factor that contributes 30% in your credit score, is low and so it will help you to improve your score. You may close down all open account if you have not used them because unused accounts do not play any role in your credit history.

SteveMcG · Guest 0 Magic Points

Notwithstanding the debate on whether an account should be opened or closed, can someone verify that when you do close an account it will still appear on your Credit Report for the next 10 years. On reviewing my credit report this appears to be the case.

Joined: 06 Jul 2006 Posts: 686 17396 Magic Points

Hi Steven
If your account is still open (suppose you still use the credit card), then it may show in your credit report even after 10 years, because the account is in use and is still contributing to your credit history. But if you do not use the card or your account is closed normally (because you have already repaid the debt), then it may appear in your report for a maximum period of seven years. If it still appears in your report after 7 years, I think that you should dispute the listing with the bureaus in writing.

Meri · Guest 0 Magic Points

Thanks for information I needed.

Previous 1, 2, 3, 4, 5 Next
Page 3 of 5