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eliminating paid off cards

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eliminating paid off cards

What is the best way to eliminate paid off cards from my record.
Message 1 of 5
4 REPLIES
Valued Contributor

Re: eliminating paid off cards

You want to keep them on if they are in good standing.. they help with age.
 
For other ones... you can write a GW letter to the creditor asking them to remove the derogatory information... or you can dispute any valid derogatory info with the CRAs.
 
Before you do this... the older and less serious the lates (or other derog) is on the account, the larger the chance that the account is actually helping you rather than hindering you.  You don't want to wind up having an entire TL delete when you try to get the creditor or CRA to fix it.  You have to be very careful not to inadvertantly knock your FICO down instead of up.
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Message 2 of 5
Moderator Emerita

Re: eliminating paid off cards



ytuofnel wrote:
What is the best way to eliminate paid off cards from my record.



Hi, welcome to the forums! SmartCookie is right --these are generally very helpful to your credit history and scores.

Everyone starting out on understanding their credit should begin by reading Credit Scoring 101:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

(I'm in Firefox at the moment, so please copy/ paste it into your browser window.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 5
Valued Contributor

Re: eliminating paid off cards



ytuofnel wrote:
What is the best way to eliminate paid off cards from my record.





Actually, you best approach is to charge something really small on those cards--like a cheeseburger or video rental--once every other month, let it get reported, then pay it off.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 4 of 5
Valued Contributor

Re: eliminating paid off cards



ytuofnel wrote:
What is the best way to eliminate paid off cards from my record.



Why are you trying to have them eliminated?
If at first you don't succeed... hang up and try again!!
Message 5 of 5