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Accounts older than 7 years

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Anonymous
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Accounts older than 7 years

just went for a car loan and they indicated that I have a lot of old, closed accounts on my report.  They told me these are bringing my score down.  Has anyone ever heard about this>

And how do I get rid of them?
Message 1 of 7
6 REPLIES 6
MidnightVoice
Super Contributor

Re: Accounts older than 7 years

I guess it depends by what they mean by  "a lot".  I have about 14 old closed accounts in good standing and they age my score very nicely and improve my score.  They will drop off after 10 years, so my average will drop and my score might suffer a little
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 2 of 7
Anonymous
Not applicable

Re: Accounts older than 7 years

First of all, never believe what a car dealer tells you.  Those old closed accounts are adding to the age of your credit file.   Are they delinquent?  Or old charge offs?  If they are in good standing then you most definitely DONOT want to try and remove them.  You may be subject to some rather unpleasant results.  Even having a derog account that is helping the age of your credit file removed will hurt your score.
 
That being said, try going to our bank or a local credit union to see what they have to say.


Message Edited by Brammy on 09-12-2007 11:00 AM
Message 3 of 7
Anonymous
Not applicable

Re: Accounts older than 7 years

When you pulled your credit score and reprot your self from anywhere what negative factors were given to you? We can't really answer this until we know what problems are on your credit report. Smiley Happy What is your current score?
Message 4 of 7
Anonymous
Not applicable

Re: Accounts older than 7 years

My current score is in the low 500s Smiley Sad.  I have one judgement for about $150 and alot of open accounts with balances.  I had a tough year last year and fell behind on all of my bills, so I have a lot of late payments.  Also a few accounts closed by the creditor. 
 
Sadly, I had extremely strong credit about 5 years ago and it has steadily been dropping.  I am trying to turn this train wreck around!!
 
Any suggestions as who can give me a reliable/honest answer on the items on my credit report?
 
Thanks for all of your help
Message 5 of 7
Anonymous
Not applicable

Re: Accounts older than 7 years



suzi1967 wrote:

just went for a car loan and they indicated that I have a lot of old, closed accounts on my report.  They told me these are bringing my score down.
...
My current score is in the low 500s
...
Any suggestions as who can give me a reliable/honest answer on the items on my credit report?


The car dealer is full of it, but a lot of people professing to be knowledgeable don't know their bum hole from an exhaust pipe.
 
Old closed accounts don't hurt. They help. Old open accounts in good standing help more.
 
Post more details about specific TLs on your CRs.
 
Message 6 of 7
Pants
Regular Contributor

Re: Accounts older than 7 years

Maybe the loan guy at the car dealer got grumpy because it took an entire ink cartridge to print up your report.. Smiley Very Happy


Message Edited by Pants on 09-17-2007 03:52 AM
Message 7 of 7
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