Closed By Consumer Stated On Credit Report
REM # F641
By Ilyce R. Glink
Summary: A reader found "closed by consumer" several times on her credit report. Ilyce states that it is impossible to remove these closed accounts and that it is best to hold a credit card for a long time.
Q: I got my free credit reports this week and I see lots of credit cards that
I've closed and cancelled a long time ago & they say "closed by consumer".
How long do those stay on your credit report? Can they be removed completely? Do lenders hold it against me if I have all these closed accounts on my report? Thanks!
A: You cannot remove a "closed by consumer" from your credit history,
although all information sort of drops off after 10 years.
If your file reported "closed by creditor," you'd show a significant
drop on your credit score.
The idea behind a credit history is to show how you manage credit over time.
Opening and closing a lot of accounts in general isn't a good idea since one
of the biggest parts of your score has to do with how long you've held an individual
piece of credit.
In other words, it's a whole lot better to have a credit card for 20 years than
2 years.
So, don't worry about the accounts you have closed in the past since there's
not much you can do about it. Instead, focus on keeping your current accounts
paid off, and paying your bills on time.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
Revocable Living Trust And A Life Estate Deed
100 Percent Investment Property Loans
Creditors "Charged Off" Credit Account
Bankruptcy Doesn't Change Spending Habits
Identity Theft Strikes Again
Link to This Article
Like what you've read? Spread the word! You can link to this article
from your website by copying the following code and adding it to
a page on your website:
Copyright ©2001-2007. ThinkGlink, Inc.
All rights reserved. Reproduction of material from any www.ThinkGlink.com pages without permission is strictly prohibited.
Site designed by Walker Sands Communications
