closed satisfactory account

Hi Closed
Your credit score depends on 5 factors. They are your payment history, amounts owed, length of credit history, types of credit used and new credit. Of these five factors, the credit history and the amounts owed contribute the most in your score. Now, if your credit card account has a good history, then closing down the account would definitely lower your score, because your credit history would be lost. However, if you are delinquent on any of your credit card accounts and have a bad history on the card, you should close the account after paying it off.

Paid collection does not improve your credit score, because even if you pay off a collection account, it will be listed as negative in your credit report for seven years and 180 days from the date you have first missed your payment. However, if before paying off a debt, you can make the creditor agree to pay for deletion agreement, then your credit score may improve.

my old closed accounts are student loans, car loans, ect. installment accounts which normally end at a certain time frame..do these old closed installment accounts help my score or hurt? Should i keep em on my file?

sorry the gues above was me..i forgot to put my name..

Hi Closed
If you have paid off these loans in time and have never been delinquent on these accounts, then your score will not be affected after you pay off the debts in full and your account gets closed. But if these accounts still show up in your credit report, it will not affect your credit score.