Advice on my Credit Report and Open Accounts

Simon83

Hi,

I have been through my Experian credit report and checked the status of my Accounts with lenders or banks...

These are the ones that are active, the rest say 'Settled' does this mean they are closed?

I see I have accounts open I don't need or ever use. I bank with the Natwest, so Should I close the Halifax accounts down? I never use these at all, but does the start date of these accounts help my report look better, or will closing these make no differance..?

I think I will close the M&S credit card and just use the Natwest one, would this be a good idea?

o2
Communications

Halifax Current Account
Started 06/07/2000
Overdraft Balance £0

Halifax Current Account
Started 15/05/2002
Overdraft Balance £0
Overdraft Limit £200

Natwest Credit Card
Started 05/11/2004
Current Balance £0
Credit Limit £2,100

Marks & Spencers Credit Card
Started 16/05/2005
Current Balance £0
Credit Limit £5,000

Natwest Current Account
Started 04/12/2003
Overdraft Balance £0

Simon83

Any One.............

superpup

Hello

I'm not an experienced dfw but I think it may be better to close down accounts you're not using. If you're trying to get credit I think they look at the amount of available credit you already have (whether you're using it or not) before they make a decision on whether to lend to you and how much. If you're not looking to borrow anything, it may not matter too much.

I'm sure someone with more knowledge will be along shortly.

sp

Jenna

Hey,

I'm not exactly sure if 'settled' means closed - I'm sure someone else with more knowledge will be along soon to advise you though!

As I understand it, the most important thing is to be on time with paying your bills, as they record late payments on your credit file and it can make you look un-reliable.

I think it would be okay to close the accounts that you're no longer using ... they won't disappear off your credit file, they are kept there for 6 years, so I don't think the account opening date makes any difference?

But as I said I'm sure more experienced DFWers will reply back soon. Take care!

bathgatebuyer

I've got quite a few marked 'settled' on my accounts. Not sure what it means either, but that tends to be on those accounts where I've reclaimed charges and pocketed the balance after paying off whatever I've owed them. Maybe it's just those where the account has been paid up and is clear?