The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/25627708.aspx

Subject:  Re: question about credit cards Date:  6/27/2007  8:22 AM
Author:  SeeFoolRun Number:  254924 of 308232

http://www.credit.com/credit_information/credit_help/The-Top-10-Credit-Mistakes.jsp

According to this source, an open account is treated as active until it is closed.

Looking through my credit reports from myfico, some accounts I haven't used in a long time show zero balance with a recent reporting date. others show the last reporting date as about the time they were paid off, but they're still listed as open. I had to look at reports from a year ago - the recent ones don't show this (which may be the way myfico has changed how it displays the data or it is because that info is not relevant). What one vs the other actually does to the FICO score, i have no idea. I don't know if it is just semantics or if there is a real difference between "open" vs "active". I don't see why there would be - you're still managing the account in the sense that you have the credit available and are using it (or choosing not to use it) responsibly.


Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us