You are wise to eliminate excess, unused credit accounts as you prepare to go through the mortgage process. Generally, the lower your potential debt before you apply for a large loan, the better.

However, when you finally close these accounts, they will not drop off of your report immediately simply because they are no longer open. What you can expect is that each account will, within a few months, have a "closed at consumer's request" notation on it, indicating that you, not the card company, chose to cancel the card. These notations, like most other credit notations, will then automatically cycle off after seven years. This process cannot be speeded up due to the historical nature of a credit report. A credit report is there to give accurate credit-related information for a predetermined period of time (the seven years).

But you will not be harmed by the fact that the accounts will remain visible on your report. Lenders care more about the status of accounts than how many are visually listed on a report. Your newly closed accounts will be enough to send the message that you have taken positive steps to improve your credit picture. This message is not likely to be lost on prospective lenders.

For more information on preparing for a mortgage, you may wish to read, “Prepare Your Credit Before Buying a Home.”