Credit Repair Exposed - Handling Collections

[SuperLuigy1977]

Hi I have a question I closed many of my cc accounts over a year ago but I have been told that it has negatively affected my credit score even though they were paid in full on time. When will the closed accounts delete from my credit report? And what can I do to raise my score?

[scoremore1]

@SuperLuigy1977 Closing accounts removes the available credit from your debt ratio. The likely result is your debt ratio increased significantly. The accounts will remain on your credit for 7 years. To lower your debt ratio you could either pay down your balances, get credit limit increases, or add more trade lines.

[vtrobinson]

Great information. Thank you.

[Eyeofthestorment]

Good info, my husband and I were owners in an agency. The most important part to understand is, if the item is not deleted it stays the same. The deletion is the most important thing. I would ask for a letter that is clear. If the information is 2 or more years old it is not affecting your score like you think. Usually the creditor is looking at a 2 yr snapshot of your credit. From my 15 yrs of experience I say leave the old alone and start some positive reporting.

[Yrsweetangel]

Great information!

[LouisDiez]

hi uncle brain i like all your videos!!!