closing old accounts/credit reports

theophilus_2

After transferring credit card balances to new credit cards is it best to close old accounts so they no longer appear on credit reports? We have a good credit record, very rarely make payments late and never have problems transferring, but I wonder if its a help, hindrance or makes no difference by leaving accounts open with zero balance and unused for some time, or whether its best to close them, if only to prevent possible identity fraud.? How long do old accounts stay on reports if theyre not used or closed? Do the banks remove them, and how quickly, once closed? Or is it up to us to get them removed?

nickmack

theophilus wrote: »

I wonder if its a help, hindrance or makes no difference by leaving accounts open with zero balance and unused for some time, or whether its best to close them, if only to prevent possible identity fraud.?

It's generally considered a good idea to close unused accounts. The two main reasons being:

- Helps prevent fraud, as an active account could be used more easily
- Having unused credit showing available may reduce the amount of total credit you can obtain

How long do old accounts stay on reports if theyre not used or closed? Do the banks remove them, and how quickly, once closed? Or is it up to us to get them removed?

Generally six years, normal acccounts should be removed automatically.