Old credit card accounts on credit report

I have a huge credit report, I have multiple cc accounts that are 10-15 years old from stores closed down or stores I don't even know where to find.

My question is two-fold:
1. Do all these little 0 balance accounts hurt my report?
2. How do I get them deleted from my report?

I don't think that old cards with zero balance hurt your score. It helps you in two ways-

• It enables a long credit history.
• It increases the amount of available credit. So it will prevent your debt to credit limit ratio going high.

However, you might like to close these accounts to avoid fraudulent activities on it. In that case you may ask your creditors to close the account. If you do not know where to contact at all, dispute the item with credit bureau. If no information of your creditor is available, bureau will remove it from your report.

FYI, if you chose closing the accounts, do not do it all on a sudden. It will instantly increase the debt to available credit ratio instantly and that might be considered negatively.

Hope other forum members might include some more points here.

I agree with stanley

I have tons of 'old' stuff on my credit report, they should have fell off already, but they're 'GOOD' stuff. They show that I paid them off and was a good customer, so how can that hurt? It shows creditors that 'before' my finanical trainwreck, that at one point, I was an excellent customer, paid my bills, paid on time and paid them off. They don't take away from your score so I don't see the point in taking them off. THey could actually be helping me. If I were to take all the old stuff off, it would just leave me with the newer stuff, and well, thats not so good. So the old stuff is more of a testiment to me and what I once was and what I'm trying to be again. make any sense. Its kinda like, if it ain't broke, don't fix it. Shirley

That's a nice explanation Shirley, thanks.

However too many open lines of credit is also not good. It develops an idea that you are very much hungry for credit. The best thing is to be selective here. Only keep those cards that are in favorable condition. And have patience while closing the old cards, don't hurry.

THanks! THIS FORUM IS AWESOME!! I was so young I think the credit available is only 300-1000 on at least 5 credit cards. I will close slowly as I pay down my debt.
In a related sense: If I do debt consolidation wouldn't they close all the accounts anyway?

Quicksand,

If you consolidate credit cards, it will not close the account. However, they accounts could be frozen for a specific time period, so that no more debt is accumulated during the process of consolidation. Once it is paid in full, you can again use these cards.

See what the benefits are that you can get by consolidating your cards-

http://www.debtconsolidationcare.com...card-debt.html

P.S. Did you forget to log in?

As you include the accounts in the consolidation program, the debt gets paid off to your creditors through the consolidation program. While you have taken this program, all the accounts included in it are actually closed or frozen for the period of your enrollment. This is done so that you don't build any further debt on it. Otherwise, your payments won't be able to catch up with the total debt and things will hardly improve.

But, after the debts are paid off and the credit report is updated, the consolidation program is removed from the file. As a result, all the accounts get back to active mode and you are once again open to new credit. Then, it's your choice if you want to keep that account active or wish to close it.

Thanks Curly & Carl, I really appreciate the insight and knowledge. Where could I find reputable debt consolidation programs. I read a thread about a directory but can't seem to find it on the website.

PS: Yes, Stanley, I did not realize I had not been logged in when I did the quick reply...my bad.

I meant thanks CurlyCarl & Stanley. Did I mention this website is awesome and probably saved my marriage???

Quicksand,

Those who register with this site, receives call from one reputed debt consolidation Company, you need not search for one any more.

Perhaps you talked about Ranking Chart in your post, here is the link for you, all the best.

http://www.debtconsolidationcare.com/ranking-chart/

I am being sued by an ex husband(divorced 7 years ago) for a Sears account that was sent to LVNV. It is a 3rd party suite? need I worry?

You have the legal recourse by explaining to LVNV that the debt is past the SOL (unless you did a payment recently). Write a dispute letter mentioning the expiry of the SOL with the last payment date and send it through certified mail, return receipt requested. The judge will review your case and after the statutes is confirmed to be expired, the case will be dismissed.