 How did you get your credit started? |
i'm having a hard time starting my credit. I just need some ideas what works good and what doesnt.
The do's and donts about starting ... |
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 Will my bad credit count if i'm out of the country? |
| I have 2 credit cards in UK and owning them few hundreds pounds and sometimes missed the payment. If i stop paying it and leaving these debts behind and back to my home country . Will this bad ... |
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I was late on my mortgage payment (biggest mistake EVER!!) I have been sending letters to them for months, trying to figure out how to remove the "late" on my credit.
They keep ... |
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 Should I pay this credit card charge? |
| One of my relatives who was living with us recently left the U.S. and went back to his country. I don't think he will ever return. But his credit card bills still arrive at my house. He is being ... |
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 Can i write a check on an overdrafted bank account? |
| if my bank account is overdrawn and i want to write a check to pay for something, will the store be able to run the check through?... |
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 Eviction serious answers only? |
| I am currently in housing court , in an eviction process. I have tried everything under the sun to try and get the money to pay arrears but have had no luck and i am going to be evicted out of my ... |
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| My boss had a credit card 4 years ago for $3,000 he didn't pay. Now he has a civil suit against him for $13,554.37- is it legal to do this? Isn't there some cap on how much interest they ... |
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| My mother passed away and left behind a 16,000 credit card debt. Who is responsible for paying this debt? Does it die as well. My mother was a house wife...my father works out of the country and ... |
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| What bank in the United States allows a 16 year-old to get a visa check card or similar? |
| I want to get a Visa check card, but all of the banks I have called have said "Come back when your 18". This is extremely frustrating. Do you know of any banks that let you have one while ... |
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 Can a collection agency or law firm attempting to collect a debt harrass family members? |
| A collection agency and a law firm continually contact my parents (with whom I havent lived for over 20 years). Their phone number is unlisted. My father has even been cursed at. Is this legal?... |
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 What does Cash on demand mean? |
| I have a credit card and it says that it has cash on demand. What does that mean?! Thank you in advance........ |
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 Should I pay debt collection or ignore? |
| I had a cell phone a couple years back that ended up going WAY over my plan minutes due to work use. Work agreed to pay their share, then bailed. The cell company cut off the phone and wanted the ... |
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 Will this affect my credit? |
| My dentist thinks I owe him $100. I disagree. If he reports to a collection agency, will that severely harm my credit even though I don't think it's my fault?... |
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| I've been subpoenaed for $2000 credit card debt, what's the recourse if I don't go? |
| About 12 years ago, I had 10 credit cards. Through various debt consolidation agencies and extra cash, I paid off most of them. 3 of them I left flapping in the wind because those particular ... |
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 Capital one taking legal action? |
I owe capital one 3000 and somehow now its 4000
a bill collector called me and said that i need to pay that amount or their going to sew me. I told him I cant pay all that amount but that Im ... |
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 Whay would you do if you were fired for reporting bank fraud?move on? persue wrongfull termination??????????? |
| worked as gsm at a car dealer in fl. i am also on probation till my sentecing wich is going to be a dropped felony.it had to due with a bad addiction wich i am getting thru .i also diclosed this to ... |
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 Does filing bankruptcy or having your house foreclosed on affect your current credit cards that u have? |
| If I file bankruptcy or let my home be foreclosed will that affect my current credit card interest rates? Im in great standing with my credit cards. After the foreclosure happens can the credit card ... |
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 If i get approve for a credit card will that bring down my credit score? |
| I been thinking of getting a credit card but i wanna know if i get approve for a credit card will that still bring down my credit score.... |
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cricket | How long does a closed account affect your credit score? |
Specifically a credit card account... |
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Studly
 |
I think everyone here is totally confused by your question.
A "closed account" generally is an account in good standing that has been closed by either the consumer or the credit lender. For example, if you decided you didn't want to use the card again, you could close it. If your credit lender decided that you were abusing your account, or you were becoming a risk, they could close the account.
In either situation, it has a negative effect, but only for a short period. How much depends on your total credit situation.
It effect it in two ways. It will erase a portion of your credit history, which is important because lenders will no longer see your good payment history. And it will lower your available credit, which messes up your debt/credit ration. I won't go into a full discussion on this..it's been covered many times in pass messages.
Now I think the other responders are getting confused and think you mean the account is being closed due to non-payment. Other terms are charge-off's or write-off's. If this is the case then obviously it's going to have a bad effect on your credit. These items stay on your history for 7 years, beginning on the date of the delinquency (the day you missed your last payment). |
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goombajoe
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i do believe its about 7 sevens .i have closed credit card accounts about 3 years ago not knowing it will affect my credit score ,the accounts were paid in full at the time .so its been 3 years and i was told it would stay on for seven |
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STEVEN F
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Unless the account was in default, it stops affecting your score as soon as it is closed. The reason many people advise against closing accounts is that having the account open can affect your score in a positive manner. |
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KDW25
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If it's a good standing account then it will go away in 7 years and if it's negative it will go away in 10 years. |
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eddie rock
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not long |
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Bryon H
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Hi!
The person above this post has it backwards.
Accounts closed in good standing stay on your report for ten years..and bad ones *may* roll off by themselves in 7.
I say it that way because I just had to file two complaints with two of the bureaus for two lines that the 7 year clock had ran on..and they were not removed automatically.
They are gone now, though.
Now..that's cleared up..back to the real question.
The correct answer is: It depends.
Closing a account may have positive or negative results..it depends on the situation.
It depends on many things..the biggest part being how many other lines do you have on your report? What is your debt to income ratio?
How many other lines are positive? How many other lines are negative?
If your debt to income ratio was very high before you closed this account..and is lowered because you closed it...and you have other positive lines on your report..it will be a positve thing.
If not..it may be a negative thing. It just depends on your sitch. Many other factors go into the score..have you moved recently? Changed jobs recently? Etc...etc.
Many people think a score will rise by itself just by letting the negative lines roll off. This is true..but if you do not have positive lines to replace them (or supplement) them with..it takes a very long time. |
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Tatts
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negatively - seven years |
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Still reading
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This account will be reported for 7 years, so your experience with the account will be a factor for all that time. If the question is whether closing an account can improve your score by reducing the number of credit card accounts, that is a different question. Open accounts may be assumed to have certain payments whether you use the card or not. In this case, closing the account is helpful. |
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Love always, Kortnei
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Depends on if you close it or if the card closed it...if you close the account make sure you tell them to note that on your report |
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krazyinchicago
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it is always there, those don't come off your credit report they will be there forever as a closed account. |
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