I am working at paying off significant credit card debt and trying to improve my credit. For accounts that are open but not active, such as in-store financing programs, is it better to close them or leave them open?
Hi, PALA. If they are 'positive' accounts, I would leave them ON your Credit Report. This way, it CAN 'boost' your score a bit. If it's a 'negative' account ( Outstanding debt, etc) you can look at your Credit Report and see when the 'drop off' date is. ALL 'positive' credit is helpful.
debt
Hi, PALA. If they are 'positive' accounts, I would leave them ON your Credit Report. This way, it CAN 'boost' your score a bit. If it's a 'negative' account ( Outstanding debt, etc) you can look at your Credit Report and see when the 'drop off' date is. ALL 'positive' credit is helpful.
Keep the account open it will help you credit rating , it can also hurt your credit when you close out this account.
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If you know you have 'negative' accounts on your CR and the SOL has passed, i would try and dispute them.
If they are old accounts I would advise not to close them . It affects your credit history. However closing more recent accounts would hurt less.
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If the 'older accounts' are in 'good' standing, that DOES help your credit, because it sows lenders you CAN be responsible and pay things off.