Will a closed credit card hurt my credit score?

I had a question from Eric about a zero
account balance an account and credit report he was
concerned that still impacting his credit score Hi everybody Dave Sullivan here for the CreditGuyTV you know Eric had an account on his credit file that was settled for less than
full balance but it was a zero balance he was concerned that it is pulling his credit score down and it is. but probably not as much as he thinks it is, once you have an
account zero balance enclosed all the damage that’s been done has been done the more time that goes by from the date reported of that account the better so in a year or two it’s probably having almost zero impact of
credit score so initially it might have an impact once that goes to zero paid and closed that will impact the score for that month,and a little bit less the month after that, and then a little bit less a month after that. As the years
go by it will have almost no impact at all and it could in some weird crazy way actually help them in the fifth, sixth or
seventh year that it is on his credit report. Just know that if if you do have an account that had some sort derogatory situation happen and you have other good accounts and established a good base and credit history you can close the derogatory accounts know that as time goes by they will
impact your credit score less and less alright! so this is Dave Sullivan here for the credit guy TV so you with a little bit me we’re gonna change
the credit industry! thank you

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