closed accounts in credit history

andygeo

Hello,

Is having a lot of closed accounts in my credit history seen as negative by lenders ? (some of them are payday loans in case you ask - the last one about a year ago).
I have been through some rough times but I am now putting my finances in order. I have repayed a lot of my loans and cards but the closed products list in my credit history is probably much longer than the average person's one.

I am now looking for a 0% card deal to get rid of my remaining cards quicker so I am wondering if these closed product will affect the lenders' decision.

Thanks,
Andy

Tixy

Lots of closed accounts are not likely to be a negative as such.

But what those accounts show could be. E.g. if you have missed payments/defaults etc on them then that is likely to affect a potential lenders decision.

Having payday loans on file generally means a mainstream lender will consider you a higher risk than someone without them. The more recent they are then the higher they would consider the risk.

andygeo

Thank you for your reply. I don't have any defaults or missed payments.

I assume that as the payday loans become older my chances increase