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Hi Rob, I am wondering how my credit report will be affected by closing old unused accounts? I had too many revolving accounts in college and was often delinquent on my payments. Eventually I was able to make regular payments then kept a zero balance. However, due to non-usage some of my accounts have closed. Is there any benefit to officially closing the accounts voluntarily? Would my report still show my blotchy payment history? Also, if my creditors will allow, would I benefit by trying to have cards reissued for more responsible usage? How many open accounts are considered too many? Thanks for the help!
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If I voluntarily "close the account at consumers request" could I potentially improve my credit score? Could this be seen by credit bureaus as a strategy to improve my credit to income ratio?
Also I heard that accounts with derogatory marks will be removed 7 years from the first delinquency? Could this be true?
Unfortunately we are not able to comment on what affects your credit or credit score. Creditors may make a notation on the bureau that you have joined a credit counseling plan which may have a negative impact on your credit.