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Old 10-24-2013, 02:03 PM
 
Location: bellmore
361 posts, read 804,574 times
Reputation: 142

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One odd thing I did noticed that I have 9 active accounts and 9 closed accounts which gave me a ''B" rating . It has been years since I closed a credit card account . So how long does the closed accounts stay on my credit report ? My score is in the"excellent" category but still puzzled why closed accounts hurts me a little ??
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Old 10-24-2013, 04:15 PM
 
353 posts, read 635,138 times
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You probably received a "B" for the number of active accounts you have; not your mix of open/closed accounts. MyFico advises having four active (with a balance) accounts.
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Old 10-24-2013, 04:47 PM
 
Location: bellmore
361 posts, read 804,574 times
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Quote:
Originally Posted by ByWayofCanarsie View Post
You probably received a "B" for the number of active accounts you have; not your mix of open/closed accounts. MyFico advises having four active (with a balance) accounts.
CORRECT , total of 18 BUT do these closed accounts eventually come off my credit check ? if so how long ?
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Old 10-24-2013, 11:01 PM
 
Location: Long Island (chief in S Farmingdale)
18,598 posts, read 14,677,995 times
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Quote:
Originally Posted by ar1458 View Post
One odd thing I did noticed that I have 9 active accounts and 9 closed accounts which gave me a ''B" rating . It has been years since I closed a credit card account . So how long does the closed accounts stay on my credit report ? My score is in the"excellent" category but still puzzled why closed accounts hurts me a little ??
The more years of credit you have on the cards that are active the better as far as credit is concerned. So when you close an account, an account you had active for 8 years or so is going to impact your credit more than a credit card you opened six months ago and then closed.

If you recently opened up several cards in a short period of time that could also impact your credit rating, as does the balances on your card compared to the credit limits. A $850 balance on a card with a limit of $1,000 is going to have more of an impact on your credit than a $1,500 balance on a credit card with a limit of $10,000
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Old 10-25-2013, 01:47 PM
 
709 posts, read 889,148 times
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Major lenders build their own scorecards using data from the credit bureaus instead of or in addition to using FICO.
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Old 10-25-2013, 02:23 PM
 
Location: Not where I want to be
4,823 posts, read 6,859,056 times
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Quote:
Originally Posted by ar1458 View Post
I just did creditkarma.com and got my score , for free .. everything was correct ... should I still do FICO ?

CreditKarma is free. However, their scores tend to be off a bit for some reason. I know that I checked mine through them and I thought I had one score but when a company checked my score for something, my score was 50 points lower than CreditKarma said! I don't know if it was that CK was wrong or if it was a matter of the bureaus updating the scores on that particular day (unlikely).

You are entitled to all three credit REPORTS for free each year. However, you must pay for your credit score from all 3 bureaus. I believe it's about $8 for each score.


Equifax. P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111.
  • Experian. P.O. Box 2002, Allen, TX 75013; (888) 397-3742.
  • Trans Union. P.O. Box 1000, Chester, PA 19022; (800) 916-8800.

Here's another "free" way of getting your credit score. If you KNOW you'll be denied for credit or for a credit increase on one of your cards, apply for the credit or the increase. You will get a denial letter in the mail and in that letter, it will have the credit score from whatever credit bureau they use. The score will be perfectly accurate.
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Old 10-25-2013, 02:25 PM
 
Location: Not where I want to be
4,823 posts, read 6,859,056 times
Reputation: 7616
Quote:
Originally Posted by ar1458 View Post
One odd thing I did noticed that I have 9 active accounts and 9 closed accounts which gave me a ''B" rating . It has been years since I closed a credit card account . So how long does the closed accounts stay on my credit report ? My score is in the"excellent" category but still puzzled why closed accounts hurts me a little ??

It depends on the last time you had ANY activity on that card. You might have closed the account but if you had a balance and are still paying it off, it will remain on your report. Typically, items will remain on your report for 7 years except for a Bankruptcy which will stay on your report for 10 years.


Also, you should not be utilizing more than 30% of your total available credit on your credit cards.
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Old 10-29-2013, 05:13 PM
 
2 posts, read 5,075 times
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I believe Amisi is correct, that it should only be on there 7 years. Every credit score may contain some kind of error. You can work at getting it off if it's not correct. You should monitor your credit report each month, so you can get the score to increase. At my blog I talk more about it...1MinuteCreditScore.com
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Old 10-29-2013, 07:14 PM
 
Location: bellmore
361 posts, read 804,574 times
Reputation: 142
all of the closed accounts are paid off , I do remember closing them because I never used them. I opened some of them just to save 10% when you open, like macys but closed them once it was paid off ...
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