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Improving your credit score

Andybez38
Andybez38 Posts: 1,773
Part of the Furniture Combo Breaker
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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
I came into this world with nothing and I'm gonna leave with nothing.

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    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
    Moggles_2 Posts: 6,097 Forumite
    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 ;)
    People who don't know their rights, don't actually have those rights.
  • ioksane
    ioksane Posts: 73 Forumite
    If your credit is reduced for a late payment. Is it possible for it to be increased again?
  • Andybez38
    Andybez38 Posts: 1,773
    Part of the Furniture Combo Breaker
    Forumite
    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.
    I came into this world with nothing and I'm gonna leave with nothing.
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