legal  money


Question by  jakester54 (54)

What does closed account mean in a credit report?

I have several closed accounts on my credit report.


Answer by  malone (4817)

A "closed account" means that the account was terminated and is no longer active. The credit report will show if the account was closed by the account holder or the creditor. "Closed by creditor" subtracts points from the credit rating.


Answer by  Manda (1103)

A closed account on a credit reports means that you once had a particular account, like a credit card, but now it's canceled.


Answer by  Phil97 (569)

All financial activities may be included on a credit report. Closed accounts may affect you positively or negatively whether they were closed in good standing or because of default respectively.


Answer by  tamarawilhite (17883)

A closed account means that you have used the account within the past 7 years but can no longer use the account or charge to it. However, if you close many accounts and decrease your available credit, it can reduce your credit score if it reduces your eligible credit to used credit ratio.


Answer by  John (9008)

It means that it is an old account that either you or the lender closed. They do count against your credit score, so a lot of them is a problem.

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