Improving your credit score

Andybez38

Does paying off & closing down an unused card, paying off a loan etc improve your credit rating. I know the agencies score is not worth the paper its written on. But do lenders see you as a better future customer when they see all the 00000000's and settled accounts

YorkshireBoy

They like to see currently active, well managed accounts.

They don't like to see loads of available credit, which you could go out and blow tomorrow!

Moggles_2

Yes. Accounts that are closed down and marked "settled" stay on your file for six years and, provided that you have a good payment history, indicate you can handle credit well.

Once the balance is zero though, it's worth a call to Customer Services. Sometimes you're offered an incentive to stay

ioksane

If your credit is reduced for a late payment. Is it possible for it to be increased again?

Andybez38

ioksane wrote: »

If your credit is reduced for a late payment. Is it possible for it to be increased again?

That has not answered my question, but i would have thought card suppliers look not too favourably to late payments, and would be reluctant to increasing your credit limit (at least short term). Welcome aboard by the way.