Settled Accounts on Credit File

leicsmarkyr

Do settled accounts (credit, loans, bank accounts) go against you on your credit report if/when you apply for new credit?

I have quite a few loans/cards that have been paid off or closed over the year and still a few years to drop off the report.

blacksta

Settled accounts means you have correctly managed an account within it is contract remit and can only count as a positive

glawster_2

Won't go against you as long as your payments on those accounts were made on time and should be seen as a positive (unless you have missed payments or defaulted). The accounts will stay on your credit report for 6 years after they've been closed, generally the older the settlement the less impact on your report and once closed for over 2 years old will have a negligable impact with most lenders.

leicsmarkyr

glawster wrote: »

Won't go against you as long as your payments on those accounts were made on time and should be seen as a positive (unless you have missed payments or defaulted). The accounts will stay on your credit report for 6 years after they've been closed, generally the older the settlement the less impact on your report and once closed for over 2 years old will have a negligable impact with most lenders.

All positive (apart from a late payment early 2008 which I don't recall doing but not going to dispute as can't prove either way).

Just can't decide what to do with the 'old' non closed credit cards, if to leave them open or not now as getting mixed reviews.

Cash_Flow

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glawster wrote: »

The accounts will stay on your credit report for 6 years after they've been closed, generally the older the settlement the less impact on your report and once closed for over 2 years old will have a negligable impact with most lenders.

I thought lenders don't disclose credit scoring information? - with that said how do you know what impact adverse information over 2 years old will have?

bengalknights

They act as a positive statement when other lenders see them.

glawster_2

Just can't decide what to do with the 'old' non closed credit cards, if to leave them open or not now as getting mixed reviews.

Not surprised check out http://www.moneysavingexpert.com/cards/cancel-unused-cards

I thought lenders don't disclose credit scoring information? - with that said how do you know what impact adverse information over 2 years old will have?

They don't but the general consensus if you look at what insiders have said online is that most lenders look for defaults in the last 0-24 months as part of their lending criteria. Again, you don't know the impact it will have but it probably means it's harder to cards designed for 'perfect' credit ratings. It will depend on the lender and what the information says, a bit vague I know but as far as I know there is no guide covering each lender and all possible circumstances.

leicsmarkyr

glawster wrote: »

Not surprised check out http://www.moneysavingexpert.com/cards/cancel-unused-cards

I not looking for any new credit cards in the distant future as the ones I have are sufficient (give cashback and loyalty) but will be remortgaging later in the year but been told it could go as a positive if I have open credit