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I have 12 out of 21 accounts on my report that were paid satisfactorily and closed. Should I have these removed? 5 accounts are collections but it says only 1 is active. 2 are open and being paid satisfactorily but up close to their limits. 1 is paid off but still open. 1 was a reposessed truck but the last report of it was in Feb '04 and I haven't heard anything from them since Nov '03 when I told them to take it from my ex-wife if they could find it.
There is nothing to worry for closed and satisfactory accounts; it will not hurt your score. However, collection accounts may lower your score, so you should try to make them better by having the 'paid collection' status. Though negative items stay in your report for 7 years, however, you can request the collection agencies to take it off once you pay the accounts in full :wink:
Make sure that the collection agencies you are dealing with own your account legally.
Repossession is a serious derogatory status; it's going to stay there for 7 to 10 years from the date of reporting.
Forgot to mention :oops:
It’s better to close your paid accounts to protect yourself from any fraudulent activities and ‘closed by consumer’ is a better status than ‘closed by creditor’.
1 was a reposessed truck but the last report of it was in Feb '04
Although the repo' still shows on your Credit Reports, it is great that the OC is not frequently "Updating." An old account (Last Reported 3 years ago) reporting correct information has little, if any, impact on credit scores. Credit Scores calculate "Most Recent Dates" in any category. I know of OCs who had stopped Reporting or Updating their trade lines, when the state SOL for bringing legal action had expired.
Hope this helps.
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It looks like you need to take a political scneice class. The debt ceiling is the issue at hand, but there are more differences than that.Find out where you stand in the political spectrum and make your decision from there. I wouldn't like to influence you in any way, but I would say that if it was up to me, I would not raise the debt ceiling. Think about it, would you raise the credit limit of your college student's credit card after overusing it? Do credit card companies give you the ability to raise your own credit limit? Whether Democrat or Republican, politicians have been spending our money irresponsibly; hence, the constant raising of the debt ceiling. We should not allow the irresponsible spending in Washington.References : Me