Does It Matter If the Status Of My Derogatory Account is “Open” or “Closed”?
It really doesn’t matter if an account remains open or closed. A late/missed payment will impact your credit score regardless of the status of the account.
Many consumers contact our office under the false impression that their late payments on closed accounts do not have as big of an effect on their credit scores. That is false.
A late payment affects FICOs the same no matter the status of the account. In fact, a late payment on a closed account can be MORE harmful because that closed account does not provide any positive influence on your credit score at all. Open accounts, conversely, at least have the opportunity to provide a positive influence on FICOs.
If an account with negative history is closed, the late payments STILL have a negative impact for the remaining part of 7 years. That’s where we come in. Please contact our office to discuss our aggressive disputing strategies. We dispute late payments on all of your accounts; no matter if they are open or closed.
Before you close accounts, call us and let’s put a sound strategy in place!