How long do closed accounts stay on my credit file

tryin

The question s like the title says... How long will a current account show on my credit file after its been closed, and what does it mean for my credit-worthiness?

Thanks!

Willing2Learn

Assuming the accounts have not been defaulted, then it will be reported on your credit files for six years from the date of the account closure.

tryin

I thought defaults only stay on for 6 years. (Its not defaulted BTW)

Willing2Learn

Defaults are removed from your credit files six years from the date of default, as opposed to six years from the date of the account closure.

tryin

And how do closed accounts affect credit-worthines?

[Deleted User]

It depends on lender criteria and the rest of history.

Willing2Learn

When a lender looks at any of your three credit files, they are looking for data that indicates how successful you are at managing credit. So if for example, the closed accounts are littered with missing or late payments, then a lender will take that into account when considering a credit application. But as zx81 says, it will depend on the lending criteria of the lender. Some lenders target customers who have negative data on their files, as they will can then charge higher APR interest.

tryin

The accounts were perfect, paid fully up to date. The question is does the closed account itself affect me in any way? (I switched to get switch incentives).

Willing2Learn

Lol, Why didn't you just say that at the beginning? My credit files are littered with closed 'donor' accounts that have been used to claim switch incentives. I can say with confidence that the impact on your credit file is negligible.

tryin

Is there any place where I can find an authoratative guide as to whether opening loads of accounts affects my credit-worthiness? i understand that 'money savers' are keen to say oits not a problem, but how can I know that this is indeed the case?

Willing2Learn

Don't know. What I can say is that if you wanted to apply for any major credit, such as a mortgage, in the next 6-12 months, you should probably take it easy with current account applications. You could possibly use the same rule for any job application that requires a credit check.