Should I remove old closed credit card and auto accounts?

[MeanWS6]

I have never been late, missed a payment, etc. TU is 713, EX is 718, EQ is 720.

I closed some credit cards that I just was not using, all with excellent payment history (in retrospect I should have left them alone). Anyway, I have a total of 14 “closed by consumer” credit card accounts and 3 old auto loans (that I paid off early). They are all about 3-6 years old. Should I try to remove some of these? Is this lowering my score.? I would assume that it is helping it because of the age and it shows that I have excellent payment history. Correct me if I am wrong.

[morrow]

Leave em alone. Especially the paid auto loans and ESPECIALLY since they have perfect payment histories.

[Ravenous Wolf]

First of all, you need to have an understanding of what determines your credit score.

Your credit rating starts off with a BIG FAT ZERO...

Some people have the impression that everyone starts off like with a perfect score and then negative things then lower your score, like late payments, etc.

You start with a zero and then POSITIVE things raise your score.

And guess what????????????????

The more positive things you have, the higher your score becomes.

That is really a tough concept for a lot of people because they are so fixated on credit repair while totally neglecting credit building. Credit repair is ONLY half of the story. The other half of the story happens to be credit building.

You got to do positive things to build your score.

Below is an excerpt from the Fair Isaac corporation. It contains the statistics of average and above average creditors. You can get a vivid glimpse of the kinds of positive things people are doing to their credit reports:

-----------------

http://www.myfico.com/myFICO/CreditCentral/AverageUse.asp?fire=5

Average Credit Statistics

As a company that helps the nation's largest banks and financial institutions assess credit risk, Fair Isaac is often asked to describe the credit use of a typical consumer. In researching the answer, we discovered that consumers vary immensely in what types of credit they use and how they use it.

By analyzing a large sample of credit file information on people who recently obtained new credit, Fair Isaac was able to survey the panorama of credit activity across the U.S. The following statistics reflect the average use of credit by today's consumers.

Number of Credit Obligations

On average, today's consumer has a total of 11 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, or bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a credit bureau). Of these 11 credit obligations, 7 are likely to be credit cards and 4 are likely to be installment loans.

Past Payment Performance

On average, today's consumers are paying their bills on time. Fewer than 4 out of 10 have ever been reported as 30 or more days late on a payment. Only 2 out of 10 have ever been 60 or more days overdue on any credit obligation. 85% of all consumers have never had a loan or account that was 90+ days overdue, and less than 10% have ever had a loan or account closed by the lender due to default.

Credit Utilization

About 48% of credit card holders carry a balance of less than $1,000. About 10% are far less conservative in their use of credit cards and have total card balances in excess of $10,000. When we look at the total of all credit obligations combined (except mortgage loans), 54% of consumers carry less than $5,000 of debt. This includes all credit cards, lines of credit, and loans-everything but mortgages. Nearly 30% carry more than $10,000 of non-mortgage-related debt as reported to the credit bureaus.

Total Available Credit

The typical consumer has access to $12,190 on all credit cards combined. More than half of all people with credit cards are using less than 30% of their total credit card limit. Just over 1 in 8 are using 80% or more of their credit card limit.

Length of Credit History

The average consumer's oldest obligation is 13 years old, indicating that he or she has been managing credit for some time. In fact, we found that 1 out of 5 consumers who recently applied for credit, had credit histories of 20 years or longer. Only 1 in 20 consumers had credit histories shorter than 2 years.

Inquiries

When someone applies for a loan or a new credit card account - in short, any time one applies for credit and a lender requests a copy of the credit report - this request is noted as an "inquiry" in the applicant's credit file. The average consumer has had only one inquiry on his or her accounts within the past year. Fewer than 7% had four or more inquiries resulting from a search for new credit.