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It all depends on your income. It is good to have zero balance credit cards on your credit report. But if your potential debit to income ratio is too high, having too many credit cards could be a negative reflection on your credit score.

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โˆ™ 2005-10-09 16:25:01
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Q: Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?
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Can creditors remove their accounts from your credit report?

no, it should stay on your credit report for life.


What should you do to get paid collections off your credit report?

If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.


Do credit card companies by law have the right to periodically do a credit report on you?

You bet your credit report they do. That is their right ... Banks and Credit Unions will also do this periodically if they so feel inclined. If one is paying all their bills on time and have no delinquent accounts or have their credit cards maxed out, then they should have nothing to fear from a credit report query.


If a person was sued many years ago for child support but recently the arrears were suspended by the court can this be removed from their credit report by going through a dispute process?

I believe credit accounts are not removied from your credit report unless they are not your accounts (fraud) to being with. The credit bureaus should be able to notate that the account has been suspended, cleared, or paid in full with regards to that account. You can also place a message of your own in your credit report that anyone can see when they pull your credit. Also, accounts are not deleted from your credit report until they run their course. It can be 7-10 years depending upon what type of collection account it is.


What report lists accounts and their balances in which the total debit balances should equal the total credit balances?

Trial Balance


What if your credit report is missing information?

Your credit report may not reflect all your credit accounts. Although most national department store and all-purpose credit card accounts will be included in your file, not all creditors supply information to credit reporting agencies: Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't. If you've been told you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts with creditors that don't appear in your credit file, ask the credit bureau to add this information to future reports. Although they are not required to do so, many credit agencies will add verifiable accounts for a fee. You should, however, understand that if these creditors do not report to the credit agency on a regular basis, these added items will not be updated in your file.


How can I check my credit report?

You can check your credit report online. You should go to www.experian.com or www.myfico.com or www.equifax.com/ to check your credit report. It is easy to do.


Will your credit report only show a discharged bankruptcy or will it also show all the accounts included in the bankruptcy?

Your credit report will show both the accounts (which were listed first) and the legal entry of the bankruptcy in the public records portion of your credit report. Once a bankruptcy is discharged, credit grantors should update the account listing (called a trade line) and make sure that no derogatory information is showing (like past due balance or collection account notations) EXCEPT for the "included in bankruptcy" statement. This is what SHOULD happen. It's up to you to follow up and make sure that your credit report looks like it is supposed to after a bankruptcy.


What should you do with accounts with zero balances on your credit report?

Don't close them, leave them open, the more age those trade lines get it's better for your score. Positive closed trade lines report for 10 years from the date closed, open positive trad lines will report forever until they are closed.


What negative credit report records should I stay away from?

A negative credit report record can decrease your credit rating and also keep you from getting approved for credit cards and financial loans. It can make you pay more in interest and security deposits. You should avoid late obligations, charge offs, collection accounts, high credit card balances, too many recent applications for credit. or personal bankruptcy.


Why You Need a Yearly Credit Report?

Getting a yearly credit report can help you keep track of your credit situation, as well as look out for any identity theft. It is a good idea to look at your credit report from time to time, even if you don't want to pay for monthly monitoring. You need to look at what your lenders are putting on your report, as mistakes do happen. You also want to address any collection accounts that pop up, whether you think they may be yours or not. Lastly, any accounts on your report that you don't recognize should be addressed immediately, as they could be a sign of identity theft.


How long do adverse accounts remain on your credit report?

7 Years, and then they are removed. Under your adverse account, there should be a removal date for each account.


Why are the three credit report agencies important?

The three credit report agencies are important because they provide report on your credit and if you encounter fraud, they are the agency that you should report to in order to prevent further damage on your credit card.


How do you get bad credit off your credit report?

You pull your credit report at credit report .com and as long as it has been seven years you can go online to dispute it. It should say dispute just push the button or call to dispute it they should have a number for each credit report which concist of three separate ones.


When will a 1999 discharged bankruptcy be removed from a credit report?

It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.


If you filed bankruptcy a year ago and cleaned up your credit report how long will it take for trade lines to appear on your credit file if you use your mother's merchant accounts?

If by "piggybacked" you mean that you can use the card, doesn't mean that these accounts will show up on your credit report. If you mean that you sign on the application with your mother on both Penneys and Sears, then they should show up the first time both stores update their information to credit bureaus.


How do you remove adverse accounts from your credit report?

The first thing to do is to report any dispute you have on your report. The Bureau will evaluate and when proven the correction should be made, then they will correct it. However, the removal is not instant. It will take sometime before it gets totally eradicated.


The accounts that you discharged in bankruptcy should no longer show on your credit report after 1 year?

The accounts can remain up to seven years after the last payment was made, but will show a zero balance due to a bankruptcy filing.


When should you check your credit report?

You should check your credit report once a year or if you think someone has stolen your identity. If you constantly check your credit it can actually damage it. Experian is a great place to check your credit.


How do you report a bad debt owed to you to be placed on that person's credit report?

The answer to your question if you have over 500 accounts that are past due is to purchase an enterprise level software that allows you to report to the credit bureaus using a metro 2 format that the bureaus accept files in. The 500 account minimum is imposed by the credit bureaus and you would need to contact Experian, Trans Union, and/or Equifax; set up an agreement to furnish data with them, and update your accounts on a monthly basis. There are several sets of laws governing the reporting of accounts to the credit bureaus including the Fair and accurate credit transactions act (FACTA) and the Fair Credit Reporting Act (FCRA) that you should be familiar with prior to doing so.


If you pay off an old debt no longer on your credit report will it be placed back on the credit report?

Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.


Who should you call if a credit card company listed you as deceased on your credit report?

You should call the credit card company.


If you just paid items on your credit report will they come off your report if you dispute them to credit bureau?

It's difficult to give a specific answer w/o knowing what type of transactions the accounts were. If they were paid in full it will be noted something similar to "paid as agreed." But will remain on the account until closed and the time limit expires. If they were accounts that were in default they would perhaps be noted "satisfied and/or settled". Defaulted accounts will remain for the entire seven years or possibly more if they involved a judgment. Not all accounts are entered (or even have the same information) on all credit reports. Which is why consumers should make it a habit to inspect their credit report a minimum of once a year, preferable every six months.


If your spouse files bankruptcy will this affect you and your credit?

It will affect any accounts that you own jointly. The public record should not show on your credit report but the accounts that are included in bk which you share will be reported to the bureaus as "included in BK". I would suggest that once the process is complete you contact all three major credit bureas and have them add a description to the account and notate that the accounts are cosigned accts and that you are not the principal signor.


How long does a paid lien stay on credit report?

It should drop off after 7 years, but you should write to the credit reporting angencies to report the payment and provide proof that the debt has been paid and this might expedite removal from your credit report.