Credit
I have an account that has been closed due to debt. Once the account is paid off in full will my credit score rise back up?
Terry Says
That depends on who closed the account and why! If the store closed the account and wrote off the balance, that bad news will stay on your credit report for 5-7 years. And if they did close the account and write it off, then repaying the outstanding balance will not help your credit! You’ll just have to be very careful about keeping your other credit cards paid on time in the future. That will help rebuild your credit over time.
First, get a copy of your credit report at www.AnnualCreditReport.com. If you still don’t understand the situation contact the National Foundation for Credit Counseling at 800-388-2227. You can trust them.
