Indiana Babies
Credit Report Question
So after 3 years of not running one, our banker suggested we do them when we refi'd our car loan. I did mine today and I have a question about the accounts that I've closed. They're still listed on the report and I closed them a few years ago....how long will they stay listed on there? Also, I've heard that we should call and lower the limits on some of our cards...what is a good limit (you don't have to answer if this is too personal)? I just didn't know if there was a 'known' good limit?
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Re: Credit Report Question
Closed accounts will remain listed for several years, but I'm not sure of the total number of years until they fall off. I've had some closed accounts on my credit report from law school (utility accounts and such) and I graduated 7 years ago, but a few of the accounts are even older than that.
You only need to reduce your available credit on your credit cards if the amount of available credit you currently have is listed as a negative on your report.
I think things stay on your credit history for 7 years.
As far as credit limits go, when we were looking at purchasing our house, our higher credit limit accounts with $0 balances improved our overall rating. It showed we had a good debt-to-available-credit ratio, and regularly paid the account off. Not sure if that's changed with the state of the economy or not...?
I'm sorry could you explain this a little more? Would it actually say it is negative somewhere on the credit report?
They will usually only tell you this information if you requested your credit score.
If you got a credit report that reveals your credit score, it should tell you the factors that made up your score. It will list the positives you have as well as the negatives. If one of the negative factors is too much available credit, it may be a good idea reduce your available credit. If it is not listed as a negative, I would not worry about reducing the available credit unless your broker advises it.