Successfully Settled Accounts

SootyUK

Hi there,
I was just checking my credit report and I have the following negative factor: "You have no successfully settled credit accounts".

I have 3 credit cards.
I use 2 of them but pay the balance off in full every single month.
If I close the one that I use will this improve my credit score?

I have a positive factor: "The usage of your available credit indicates a lower risk". I was wondering that if I cancel the card I do not use will this positive factor be affected as I will have less available credit.

happy_bunny_2

probably, although you don't have a score, its a made up number that no lender ever sees.

Each lender has their own criteria on who they want to lend to.

I wouldn't just close it for no reason. Maybe a few months before you want credit to give your report time to show it as settled.

Thrugelmir

To successfully close an account. You would need to open a credit account with a fixed term , i.e. a personal loan. Credit cards are pretty meaningless as the balance could be zero. Yet the account could return to the maximum limit in 10 seconds of spending.

SootyUK

Thrugelmir wrote: »

To successfully close an account. You would need to open a credit account with a fixed term , i.e. a personal loan. Credit cards are pretty meaningless as the balance could be zero. Yet the account could return to the maximum limit in 10 seconds of spending.

Thank's... Like I say I always pay them off and most of the time there is no balance on any of them. I guess lenders would take that into consideration more than "no successfully settled accounts", I've not had any late or missed payments either