How long.......

Wannabefree_2

Do credit cards stay on your credit file once you have cancelled them?
I have written to 4 of my credit card companys & asked that the account be closed. I have heard back from 2 of them saying that this has now been done. So my question is how long will i have to wait before they are taken off my credit file?

jimbo26

The details will remain on your file for six years after they are closed.

Wannabefree_2

Does that mean that it will affect my Credit if & when i may need to sort out new mortgage as my fixed rate is coming to an end soon.

GeorgeUK

With regard to closing a CC - is there anything you need to request?

eg Do you need to request the account be "fully closed" and ask for written confirmation of this?

Just wondered what the proper way to do it was.

EDIT: For your credit score, i would have thought that it shows you can pay off debts which they should see as a positive.

Wannabefree_2

GeorgeUK i just sent them a letter saying please close my account my account number is ***** as i have now cut up my cards for this account & finished at the end with i await your reply.
The 2 that i have heard from replied within just over a week.

nickmack

Wannabefree wrote: »

Does that mean that it will affect my Credit if & when i may need to sort out new mortgage as my fixed rate is coming to an end soon.

As George says, as long as they show 'settled' on your report, this is seen as positive by most lenders.

If they don't close the account, you can sometimes have an account showing an available balance which is unused. This can often harm your credit rating if applying for new lines.

YorkshireBoy

GeorgeUK wrote: »

With regard to closing a CC - is there anything you need to request?

eg Do you need to request the account be "fully closed" and ask for written confirmation of this?

Just wondered what the proper way to do it was.

I ask them to close the account and report it's settled status to the credit reference agencies. I generally don't bother specifically asking for confirmation because...

1. They usually send it anyway, and

2. I check my credit reports regularly.

Most lenders will take 2 reporting cycles to achieve this, the first update being the zero balance, and the second (a month later) being the settled status. So, anywhere between 5 and 8 weeks depending on when you make the call/write the letter.

jimbo26 wrote:

The details will remain on your file for six years after they are closed.

I think it's more accurate to say six years from the 'settled' date, since some accounts are closed with the lender but, for reasons unknown, are not always reported as settled with the CRA's.